{"id":63263,"date":"2022-08-01T09:01:10","date_gmt":"2022-08-01T13:01:10","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=63263"},"modified":"2022-08-01T09:01:10","modified_gmt":"2022-08-01T13:01:10","slug":"coffee-with-greta-stocks-slip-after-best-month-in-2-years","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/08\/01\/coffee-with-greta-stocks-slip-after-best-month-in-2-years\/","title":{"rendered":"Coffee With Greta: Stocks Slip After Best Month In 2 Years"},"content":{"rendered":"

DJIA Futures: <\/b>-86 (-0.3%)<\/span><\/p>\n

SPX Futures: <\/b>-17 (-0.4%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-38 (-0.3%)<\/span><\/p>\n

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

Futures are falling as traders begin a new month of trade.<\/span><\/p>\n

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

Fed Is Laser Focused on Inflation Amid Recession Debate<\/span><\/h2>\n

Minneapolis Fed President Neel Kashkari says inflation poses a larger risk to the economy than a potential recession.<\/span><\/p>\n

He told <\/span>CNBC<\/span><\/a> over the weekend, \u201cI\u2019m focused on the inflation data. I\u2019m focused on the wage data. And so far, inflation continues to surprise us to the upside. Wages continue to grow.\u201d<\/span><\/p>\n

Kashkari seemed to downplay fears that the U.S. economy is already in a recession, touting the strength of the labor market.\u00a0<\/span><\/p>\n

He said, \u201cTypically, recessions demonstrate high job losses, high unemployment, those are terrible for American families. And we\u2019re not seeing anything like that.\u201d<\/span><\/p>\n

But he said even though Americans are still employed, they\u2019re receiving a function \u201cwage cut\u201d because inflation is still outpacing wage gains.<\/span><\/p>\n

Kashkari said, \u201cWe are a long way away from achieving an economy that is back at 2% inflation. And that\u2019s where we need to get to.\u201d<\/span><\/p>\n

The Fed meets again in September.<\/span><\/p>\n

Treasury Yields Rise As Traders Weigh Recession Prospects<\/span><\/h2>\n

Treasury yields are rising on the first day of August as debate continues over whether the U.S. is in a recession.\u00a0<\/span><\/p>\n

The key 2-year\/10-year curve remains inverted.<\/span><\/p>\n

The 2-year yield is up 2 basis points to 2.90% while the 10-year yield is up 3 basis points to 2.68%.<\/span><\/p>\n

July was the strongest month since 2020 for stocks as mostly positive corporate earnings provided some relief.<\/span><\/p>\n

The big piece of data for the market this week will be Friday\u2019s jobs report.<\/span><\/p>\n

Economists expect that to show the U.S. added 250,000 jobs in July.\u00a0<\/span><\/p>\n

Romeo Power Surges On Nikola Acquisition<\/span><\/h2>\n

Romeo Power <\/b>(RMO) shares are surging 20% ahead of the open after <\/span>Nikola <\/b>(NKLA) announced a $144 million deal to acquire the battery pack supplier.\u00a0<\/span><\/p>\n

Nikola will buy Romeo in an all-stock transaction at $0.74 per share, a 34% premium to Friday\u2019s closing price.<\/span><\/p>\n

Nikola will provide $35 million in interim funding to Romeo to continue its operations until the deal closes.<\/span><\/p>\n

The electric truck maker has been Romeo\u2019s largest customer and Nikola\u2019s CEO said, \u201cGiven our strong relationship with Romeo and ongoing collaboration, we are confident in our ability to successfully integrate and deliver the many expected strategic and financial benefits of this acquisition.\u201d<\/span><\/p>\n

Oil Prices Drop After Weak Chinese Factory Data<\/span><\/h2>\n

Oil prices are falling today as demand concerns jump following the release of weak factory data from China and Japan.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are down 2.3% to $96 bbl while Brent crude futures are down 1.7% to $102 bbl.<\/span><\/p>\n

China\u2019s manufacturing PMI fell to 50.4 in July from 51.4 in June as fresh Covid lockdowns dampened activity.\u00a0<\/span><\/p>\n

Manufacturing activity in Japan also expanded at the slowest pace in 10 months.<\/span><\/p>\n

The market is also looking ahead to this week\u2019s OPEC+ meeting.\u00a0<\/span><\/p>\n

The group meets Wednesday to decide on output levels for September.\u00a0<\/span><\/p>\n

Most analysts expect the group to keep output levels steady.<\/span><\/p>\n

Gas Prices Are Still Falling<\/span><\/h2>\n

U.S. gas prices fell for the 46th day in a row today.<\/span><\/p>\n

AAA<\/span><\/a> shows the national average for regular gas fell to $4.212\/gal.<\/span><\/p>\n

That price is down more than $0.80 from the record-high in June but still $1.039 higher than a year ago.<\/span><\/p>\n

The national average for diesel is down to $5.279\/gal.<\/span><\/p>\n

Diesel has fallen $0.537 from its record-high but is still $1.995 higher than the same time last year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

DJIA Futures: -86 (-0.3%) SPX Futures: -17 (-0.4%) NASDAQ Futures: -38 (-0.3%) Good morning friends! Futures are falling as traders begin a new month of trade. Let\u2019s get right to it! Fed Is Laser Focused on Inflation Amid Recession Debate Minneapolis Fed President Neel Kashkari says inflation poses a larger risk to the economy than a potential recession. He told CNBC over the weekend, \u201cI\u2019m focused on the inflation data. I\u2019m focused on the wage data. And so far, inflation continues to surprise us to the upside. Wages continue to grow.\u201d Kashkari seemed to downplay fears that the U.S. economy is already in a recession, touting the strength of the labor market.\u00a0 He said, \u201cTypically, recessions demonstrate high job losses, high unemployment, those are terrible for American families. And we\u2019re not seeing anything like that.\u201d But he said even though Americans are still employed, they\u2019re receiving a function \u201cwage cut\u201d because inflation is still outpacing wage gains. Kashkari said, \u201cWe are a long way away from achieving an economy that is back at 2% inflation. And that\u2019s where we need to get to.\u201d The Fed meets again in September. Treasury Yields Rise As Traders Weigh Recession Prospects Treasury yields are rising on the first day of August as debate continues over whether the U.S. is in a recession.\u00a0 The key 2-year\/10-year curve remains inverted. The 2-year yield is up 2 basis points to 2.90% while the 10-year yield is up 3 basis points to 2.68%. July was the strongest month since 2020 for stocks as mostly positive corporate earnings provided some relief. The big piece of data for the market this week will be Friday\u2019s jobs report. Economists expect that to show the U.S. added 250,000 jobs in July.\u00a0 Romeo Power Surges On Nikola Acquisition Romeo Power (RMO) shares are surging 20% ahead of the open after Nikola (NKLA) announced a $144 million deal to acquire the battery pack supplier.\u00a0 Nikola will buy Romeo in an all-stock transaction at $0.74 per share, a 34% premium to Friday\u2019s closing price. Nikola will provide $35 million in interim funding to Romeo to continue its operations until the deal closes. The electric truck maker has been Romeo\u2019s largest customer and Nikola\u2019s CEO said, \u201cGiven our strong relationship with Romeo and ongoing collaboration, we are confident in our ability to successfully integrate and deliver the many expected strategic and financial benefits of this acquisition.\u201d Oil Prices Drop After Weak Chinese Factory Data Oil prices are falling today as demand concerns jump following the release of weak factory data from China and Japan.\u00a0 West Texas Intermediate crude futures are down 2.3% to $96 bbl while Brent crude futures are down 1.7% to $102 bbl. China\u2019s manufacturing PMI fell to 50.4 in July from 51.4 in June as fresh Covid lockdowns dampened activity.\u00a0 Manufacturing activity in Japan also expanded at the slowest pace in 10 months. The market is also looking ahead to this week\u2019s OPEC+ meeting.\u00a0 The group meets Wednesday to decide on output levels for September.\u00a0 Most analysts expect the group to keep output levels steady. Gas Prices Are Still Falling U.S. gas prices fell for the 46th day in a row today. AAA shows the national average for regular gas fell to $4.212\/gal. That price is down more than $0.80 from the record-high in June but still $1.039 higher than a year ago. The national average for diesel is down to $5.279\/gal. Diesel has fallen $0.537 from its record-high but is still $1.995 higher than the same time last year.<\/p>\n","protected":false},"author":41,"featured_media":63269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-63263","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\/63263","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=63263"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63263\/revisions"}],"predecessor-version":[{"id":63271,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63263\/revisions\/63271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/63269"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=63263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=63263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=63263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}