{"id":60033,"date":"2022-02-23T08:45:34","date_gmt":"2022-02-23T13:45:34","guid":{"rendered":"https:\/\/www.t3live.com\/blog\/?p=60033"},"modified":"2022-02-23T08:55:10","modified_gmt":"2022-02-23T13:55:10","slug":"coffee-with-greta-sp-falls-into-correction","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/02\/23\/coffee-with-greta-sp-falls-into-correction\/","title":{"rendered":"Coffee With Greta: S&P Falls Into Correction Territory"},"content":{"rendered":"

Editor's Note:<\/strong> Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here<\/span><\/a><\/strong>.<\/p>\n

********<\/p>\n

DJIA Futures:\u00a0<\/b>+196 (+0.6%)<\/p>\n

SPX Futures:\u00a0<\/b>+28 (+0.6%)<\/p>\n

NASDAQ Futures:\u00a0<\/b>+135 (+0.9%)<\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are bouncing back after the S&P slipped into correction territory for the first time in nearly two years.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

S&P 500 Falls into Correction<\/strong><\/h2>\n

The <\/span>S&P 500 <\/b>closed in correction Tuesday for the first time in nearly two-years.\u00a0<\/span><\/p>\n

The index ended the session down 1% at 4,304.\u00a0<\/span><\/p>\n

That\u2019s down more than 10% from the last record close at 4,796 on January 3, 2022.<\/span><\/p>\n

It\u2019s the first time the S&P has been in a correction since February 27, 2020.<\/span><\/p>\n

Russia Invades Ukraine<\/strong><\/h2>\n

President Biden declared that Russia\u2019s latest movement into eastern Ukraine is \u201cthe beginning of a Russian invasion.\u201d<\/span><\/p>\n

Biden announced economic sanctions against Russia after Moscow moved troops into Ukraine\u2019s Donbas region.\u00a0<\/span><\/p>\n

The U.S. is also increasing its troop presence in the Baltics in what Biden called a \u201cdefensive measure\u201d.<\/span><\/p>\n

The White House is working with Germany to ensure the Nord Stream 2 pipeline project does not move ahead.\u00a0<\/span><\/p>\n

In an address with Secretary of State Antony Blinken, Ukraine\u2019s Foreign Minister called on the world to \u201chit Russia\u2019s economy now and hit it hard”.<\/span><\/p>\n

Russian President Putin threatened war against Ukraine in a nationwide address, unless Kyiv abandons its desire to join NATO.<\/span><\/p>\n

Ukrainian President Volodymyr Zelenskyy has activated reservists in response to the Russian troop movement but has not ordered a full military mobilization.<\/span><\/p>\n

Russia-linked stocks fell sharply amid the conflict, the <\/span>VanEck Russia ETF <\/b>(RSX) closed 8.9% lower on Tuesday.<\/span><\/p>\n

Virgin Galactic Beats Q4 Expectations<\/strong><\/h2>\n

Virgin Galactic <\/b>(SPCE) shares are up 3.3% ahead of the open after the company reported a smaller Q4 loss than expected.<\/span><\/p>\n

The space-tourism company lost $0.31 per share on $141,000 in revenue.\u00a0<\/span><\/p>\n

That was better than consensus estimates for a loss of $0.35 per share.\u00a0<\/span><\/p>\n

Although revenue fell short of expectations for $300,000, it was up sharply from zero revenue in Q4 2020.\u00a0<\/span><\/p>\n

The CEO said, \u201cWe remain on track and on schedule to complete our enhancement program and launch commercial service later this year.\u201d<\/span><\/p>\n

Teladoc Slips After Q4 Earnings<\/strong><\/h2>\n

Teladoc\u00a0<\/b>(TDOC) shares are down 0.8% in premarket trade after reporting a smaller Q4 loss than expected.<\/p>\n

The telemedicine company lost $0.07 per share on $554.2 million in revenue.<\/p>\n

Analysts had forecast a loss of $0.57 per share on $547 million in revenue.<\/p>\n

Teladoc forecast full-year sales growth between 25% to 30%, in-line with expectations.<\/p>\n

The stock is the third largest holding in Cathie Wood's\u00a0Ark Innovation ETF\u00a0(ARKK),<\/a> <\/strong>which is up 1.6% ahead of the open.<\/p>\n

Mortgage Rates Tumble as Rates Rise<\/strong><\/h2>\n

Mortgage application volume fell to the lowest level since December 2019 last week.\u00a0<\/span><\/p>\n

The Mortgage Bankers Association reports total application volume tumbled 13.1%.<\/p>\n

Refinance applications were down 15% weekly and 56% compared to a year ago.<\/p>\n

New purchase applications fell 10% weekly and 6% annually.<\/p>\n

It was the third straight week of purchase applications falling.<\/p>\n

The average 30-year rate rose to 4.06% from 4.05%.<\/p>\n

Covid Cases Plummet 90%<\/strong><\/h2>\n

Data from Johns Hopkins University shows the U.S. is seeing an average of 84,000 new Covid cases per day.<\/span><\/p>\n

That\u2019s down 90% from the record high of 800,000 per day on January 15.<\/span><\/p>\n

Hospitalizations are also down sharply.\u00a0<\/span><\/p>\n

The latest seven-day average shows 66,000 patients hospitalized with Covid in the U.S., down from 159,000 on January 20.<\/span><\/p>\n

Average daily deaths have fallen below 2,000 after peaking at 2,600 on February 1.\u00a0<\/span><\/p>\n

With cases falling, many states are switching to an endemic posture on policy.<\/span><\/p>\n

New York and California, two of the strictest states on Covid policy, both allowed their indoor mask mandates to expire.<\/span><\/p>\n

The CDC is expected to update its mask guidance soon.<\/span><\/p>\n

In Case You Missed It<\/span><\/h2>\n
    \n
  • U.S. consumer confidence slipped this month amid continued inflation pressures. The Conference Board's consumer confidence index fell to 110.5 from January's downwardly revised 111.1. Confidence in current economic conditions rose to 145.1 from 144.5, expectations index fell to 87.5 from 88.8.<\/span><\/li>\n
  • Former President Trump\u2019s new social media app Truth Social was #1 on the <\/span>Apple <\/b>(AAPL) app store Tuesday. <\/span>Digital World Acquisition <\/b>(DWAC) shares closed 10.2% higher. DWAC is the SPAC Trump Media & Technology Group is set to merge with to go public.<\/span><\/li>\n<\/ul>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Editor’s Note: Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here. ******** DJIA Futures:\u00a0+196 (+0.6%) SPX Futures:\u00a0+28 (+0.6%) NASDAQ Futures:\u00a0+135 (+0.9%) Good morning friends! Futures are bouncing back after the S&P slipped into correction territory for the first time in nearly two years. Let\u2019s get right to it! S&P 500 Falls into Correction The S&P 500 closed in correction Tuesday for the first time in nearly two-years.\u00a0 The index ended the session down 1% at 4,304.\u00a0 That\u2019s down more than 10% from the last record close at 4,796 on January 3, 2022. It\u2019s the first time the S&P has been in a correction since February 27, 2020. Russia Invades Ukraine President Biden declared that Russia\u2019s latest movement into eastern Ukraine is \u201cthe beginning of a Russian invasion.\u201d Biden announced economic sanctions against Russia after Moscow moved troops into Ukraine\u2019s Donbas region.\u00a0 The U.S. is also increasing its troop presence in the Baltics in what Biden called a \u201cdefensive measure\u201d. The White House is working with Germany to ensure the Nord Stream 2 pipeline project does not move ahead.\u00a0 In an address with Secretary of State Antony Blinken, Ukraine\u2019s Foreign Minister called on the world to \u201chit Russia\u2019s economy now and hit it hard”. Russian President Putin threatened war against Ukraine in a nationwide address, unless Kyiv abandons its desire to join NATO. Ukrainian President Volodymyr Zelenskyy has activated reservists in response to the Russian troop movement but has not ordered a full military mobilization. Russia-linked stocks fell sharply amid the conflict, the VanEck Russia ETF (RSX) closed 8.9% lower on Tuesday. Virgin Galactic Beats Q4 Expectations Virgin Galactic (SPCE) shares are up 3.3% ahead of the open after the company reported a smaller Q4 loss than expected. The space-tourism company lost $0.31 per share on $141,000 in revenue.\u00a0 That was better than consensus estimates for a loss of $0.35 per share.\u00a0 Although revenue fell short of expectations for $300,000, it was up sharply from zero revenue in Q4 2020.\u00a0 The CEO said, \u201cWe remain on track and on schedule to complete our enhancement program and launch commercial service later this year.\u201d Teladoc Slips After Q4 Earnings Teladoc\u00a0(TDOC) shares are down 0.8% in premarket trade after reporting a smaller Q4 loss than expected. The telemedicine company lost $0.07 per share on $554.2 million in revenue. Analysts had forecast a loss of $0.57 per share on $547 million in revenue. Teladoc forecast full-year sales growth between 25% to 30%, in-line with expectations. The stock is the third largest holding in Cathie Wood’s\u00a0Ark Innovation ETF\u00a0(ARKK), which is up 1.6% ahead of the open. Mortgage Rates Tumble as Rates Rise Mortgage application volume fell to the lowest level since December 2019 last week.\u00a0 The Mortgage Bankers Association reports total application volume tumbled 13.1%. Refinance applications were down 15% weekly and 56% compared to a year ago. New purchase applications fell 10% weekly and 6% annually. It was the third straight week of purchase applications falling. The average 30-year rate rose to 4.06% from 4.05%. Covid Cases Plummet 90% Data from Johns Hopkins University shows the U.S. is seeing an average of 84,000 new Covid cases per day. That\u2019s down 90% from the record high of 800,000 per day on January 15. Hospitalizations are also down sharply.\u00a0 The latest seven-day average shows 66,000 patients hospitalized with Covid in the U.S., down from 159,000 on January 20. Average daily deaths have fallen below 2,000 after peaking at 2,600 on February 1.\u00a0 With cases falling, many states are switching to an endemic posture on policy. New York and California, two of the strictest states on Covid policy, both allowed their indoor mask mandates to expire. The CDC is expected to update its mask guidance soon. In Case You Missed It U.S. consumer confidence slipped this month amid continued inflation pressures. The Conference Board’s consumer confidence index fell to 110.5 from January’s downwardly revised 111.1. Confidence in current economic conditions rose to 145.1 from 144.5, expectations index fell to 87.5 from 88.8. Former President Trump\u2019s new social media app Truth Social was #1 on the Apple (AAPL) app store Tuesday. Digital World Acquisition (DWAC) shares closed 10.2% higher. DWAC is the SPAC Trump Media & Technology Group is set to merge with to go public.  <\/p>\n","protected":false},"author":41,"featured_media":60039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-60033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/60033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=60033"}],"version-history":[{"count":8,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/60033\/revisions"}],"predecessor-version":[{"id":60042,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/60033\/revisions\/60042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/60039"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=60033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=60033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=60033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}