report the company is considering thousands of job cuts.\u00a0<\/span><\/b><\/p>\nThe report said those layoffs will be announced as early as this month.\u00a0<\/span><\/b><\/p>\nSome divisions, like sales and marketing, are expected to see cuts that affect about 20% of staff.\u00a0<\/span><\/b><\/p>\nThe reported plan comes in the face of a sharp slowdown in PC demand.<\/span><\/b><\/p>\nAdvanced Micro Devices <\/b>(AMD) released preliminary Q3 results last week that sharply missed expectations due to that slowing demand.\u00a0<\/span><\/b><\/p>\nAdjustable-Rate Mortgage Demand Jumps<\/span><\/h2>\nMortgage demand fell last week as rates pushed higher but buyers are now looking toward more risky loan types in order to purchase a home.\u00a0<\/span><\/b><\/p>\nThe Mortgage Bankers Association reported total application volume fell 2% last week as the average 30-year fixed contract rate rose to 6.81% from 6.75%.\u00a0<\/span><\/b><\/p>\nThat\u2019s the highest rate since 2006.\u00a0<\/span><\/b><\/p>\nBut the average rate for 5\/1 adjustable rate mortgages was lower at 5.56.\u00a0<\/span><\/b><\/p>\nThe ARM share of applications last week was just under 12% vs 3% at the beginning of this year.\u00a0<\/span><\/b><\/p>\nPurchase applications fell 2% weekly and were down 39% annually.\u00a0<\/span><\/p>\nRefinance applications also fell 2% weekly and plunged 86% compared to a year ago.\u00a0<\/span><\/p>\nOil Prices Fall Flat<\/span><\/h2>\nOil prices are slightly lower today as the strong dollar overshadows supply worries.<\/span><\/p>\nWest Texas Intermediate crude futures are down 0.4% to under $89 bbl while Brent crude futures are down 0.2% to $94 bbl.\u00a0<\/span><\/b><\/p>\nThe market is in a back-and-forth over supply and demand with the strong U.S. dollar also pushing prices lower.\u00a0<\/span><\/b><\/p>\nThe dollar hit a 24-year high against the yen today, making dollar-denominated commodities like oil more expensive for other currency holders.<\/span><\/b><\/p>\nFed Minutes on Deck<\/span><\/h2>\nThe Fed will release the minutes of its September policy meeting at 2:00 p.m. ET today.\u00a0<\/span><\/b><\/p>\nThe bank voted for its third straight 0.75% rate hike at that meeting and penciled in another large rate hike at the November meeting as well.<\/span><\/b><\/p>\nThe market will be looking at the minutes for more clarity on the bank\u2019s discussion around when rates will peak.\u00a0<\/span><\/b><\/p>\nTraders have been hoping for an earlier Fed pivot than laid out in the dot plot if the economy continues to weaken.\u00a0<\/span><\/b><\/p>\nBut today\u2019s PPI data and last week\u2019s strong jobs data don\u2019t make that case.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"DJIA Futures: +49 (+0.2%) SPX Futures: +9 (+0.3%) NASDAQ Futures: +39 (+0.4%) Good morning friends! Futures are higher even after the release of some hot inflation data.\u00a0 Let\u2019s get right to it! Wholesale Inflation Rises More than Expected Wholesale inflation pressures rose more than expected in September as prices remain stubbornly high in the face of the Fed\u2019s tightening policy.\u00a0 The Bureau of Labor Statistics producer price index rose 0.4% monthly and 8.5% annually vs analysts\u2019 expectations for a 0.2% monthly increase and 8.4% annually. That was still a deceleration from the 8.7% annual increase in August.\u00a0 The core PPI, which excludes food, energy, and trade services, rose 0.3% monthly and 7.2% annually.\u00a0 That was in line with expectations on a monthly basis and slightly lower on an annual basis. Producer prices are a leading indicator for consumer prices.\u00a0 The September consumer price index will be out tomorrow morning.\u00a0 PepsiCo Tops Q3 Expectations, Hikes Forecast PepsiCo (PEP) shares are up 2.1% ahead of the open after beating Q3 expectations and hiking its full-year forecast.\u00a0 Here\u2019s how the beverage giant\u2019s results compared to analysts\u2019 expectations: Adjusted EPS: $1.97 vs $1.84 expected Revenue: $21.97 billion vs $20.84 billion expected Revenue rose 9% year over year. Pepsi said it is accelerating its cost management initiatives, including smaller sizes for its variety packs.\u00a0 The company now expects full-year revenue growth of 10% to 12% up from 10% previously.\u00a0 Pepsi also sees core constant EPS growth of 10% vs 8% in its prior forecast. Intel Reportedly Planning Job Cuts Intel (INTC) shares are up 0.8% in premarket trade following a Bloomberg report the company is considering thousands of job cuts.\u00a0 The report said those layoffs will be announced as early as this month.\u00a0 Some divisions, like sales and marketing, are expected to see cuts that affect about 20% of staff.\u00a0 The reported plan comes in the face of a sharp slowdown in PC demand. Advanced Micro Devices (AMD) released preliminary Q3 results last week that sharply missed expectations due to that slowing demand.\u00a0 Adjustable-Rate Mortgage Demand Jumps Mortgage demand fell last week as rates pushed higher but buyers are now looking toward more risky loan types in order to purchase a home.\u00a0 The Mortgage Bankers Association reported total application volume fell 2% last week as the average 30-year fixed contract rate rose to 6.81% from 6.75%.\u00a0 That\u2019s the highest rate since 2006.\u00a0 But the average rate for 5\/1 adjustable rate mortgages was lower at 5.56.\u00a0 The ARM share of applications last week was just under 12% vs 3% at the beginning of this year.\u00a0 Purchase applications fell 2% weekly and were down 39% annually.\u00a0 Refinance applications also fell 2% weekly and plunged 86% compared to a year ago.\u00a0 Oil Prices Fall Flat Oil prices are slightly lower today as the strong dollar overshadows supply worries. West Texas Intermediate crude futures are down 0.4% to under $89 bbl while Brent crude futures are down 0.2% to $94 bbl.\u00a0 The market is in a back-and-forth over supply and demand with the strong U.S. dollar also pushing prices lower.\u00a0 The dollar hit a 24-year high against the yen today, making dollar-denominated commodities like oil more expensive for other currency holders. Fed Minutes on Deck The Fed will release the minutes of its September policy meeting at 2:00 p.m. ET today.\u00a0 The bank voted for its third straight 0.75% rate hike at that meeting and penciled in another large rate hike at the November meeting as well. The market will be looking at the minutes for more clarity on the bank\u2019s discussion around when rates will peak.\u00a0 Traders have been hoping for an earlier Fed pivot than laid out in the dot plot if the economy continues to weaken.\u00a0 But today\u2019s PPI data and last week\u2019s strong jobs data don\u2019t make that case.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":64332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-64331","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\/64331","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=64331"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64331\/revisions"}],"predecessor-version":[{"id":64335,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64331\/revisions\/64335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/64332"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=64331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=64331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=64331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}