{"id":64441,"date":"2022-10-17T09:03:13","date_gmt":"2022-10-17T13:03:13","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=64441"},"modified":"2022-10-17T09:03:13","modified_gmt":"2022-10-17T13:03:13","slug":"coffee-with-greta-stocks-rebound-from-rollercoaster-week","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/10\/17\/coffee-with-greta-stocks-rebound-from-rollercoaster-week\/","title":{"rendered":"Coffee With Greta: Stocks Rebound From Rollercoaster Week"},"content":{"rendered":"

DJIA Futures: <\/b>+344 (+1.2%)<\/span><\/p>\n

SPX Futures: <\/b>+52 (+1.4%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+195 (+1.8%)<\/span><\/p>\n

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

Futures are higher following a rollercoaster of a week.<\/span><\/p>\n

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

Empire State Manufacturing Index Falls<\/span><\/h2>\n

The New York Fed\u2019s Empire State manufacturing index fell more than expected this month.<\/span><\/p>\n

The index dropped 7.6 points in October to negative 9.1.<\/span><\/p>\n

That\u2019s the third straight negative reading and worse than economists\u2019 expectations for negative 5.\u00a0<\/span><\/p>\n

Any reading below 0 indicates deteriorating business conditions.<\/span><\/p>\n

The new orders index was unchanged at 3.7 while the shipments index plunged 19.9 points to negative 24.1.<\/span><\/p>\n

Unfilled orders rose by 3.8 points to negative 3.7 and the prices paid index jumped 9 points to 48.6.\u00a0<\/span><\/p>\n

That\u2019s the first increase in prices paid over the past three months.\u00a0<\/span><\/p>\n

This index and the Philly Fed\u2019s manufacturing index are both considered barometers for national factory activity.\u00a0<\/span><\/p>\n

Bank of America Earnings<\/span><\/h2>\n

Bank of America <\/b>(BAC) shares are up 2.4% ahead of the open after topping Q3 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

Here\u2019s how the bank\u2019s results compared to economists\u2019 expectations:<\/span><\/p>\n

    \n
  • EPS: $0.81 vs $0.77 expected<\/span><\/li>\n
  • Revenue: $24.61 billion vs $23.57 billion expected<\/span><\/li>\n<\/ul>\n

    Profit fell 8% compared to a year ago as Bank of America built up its loan loss reserves by $378 million and paid $520 million in charge-offs for bad loans.<\/span><\/p>\n

    But the consumer bank benefited from higher interest rates, with net interest income surging 24% to $13.87 billion.<\/span><\/p>\n

    Oil Prices Rise\u00a0<\/span><\/h2>\n

    Oil prices are higher this morning as the market digests loose monetary policy decisions from China against global recession fears.<\/span><\/p>\n

    West Texas Intermediate crude futures are up 0.5% to $86 bbl while Brent crude futures are up 0.6% to $92 bbl.\u00a0<\/span><\/p>\n

    China\u2019s central bank left interest rates unchanged for the second month in a row, bucking the trend of tightening monetary policy around the world.\u00a0<\/span><\/p>\n

    But the strength of the dollar and continued tightening from the U.S. Federal Reserve is keeping a lid on price gains today.<\/span><\/p>\n

    Housing Market In Focus This Week<\/span><\/h2>\n

    The bulk of big economic data releases this week will focus on the U.S. housing market.\u00a0<\/span><\/p>\n

    The National Association of Homebuilders releases its October sentiment index at 10:00 a.m. ET on Tuesday.\u00a0<\/span><\/p>\n

    The Census Bureau reports housing starts and building permits for September on Wednesday.\u00a0<\/span><\/p>\n

    And the National Association of Realtors reports existing home sales for September on Thursday.\u00a0<\/span><\/p>\n

    The housing market has slowed drastically as mortgage rates have surged higher.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    DJIA Futures: +344 (+1.2%) SPX Futures: +52 (+1.4%) NASDAQ Futures: +195 (+1.8%) Good morning friends! Futures are higher following a rollercoaster of a week. Let\u2019s get right to it! Empire State Manufacturing Index Falls The New York Fed\u2019s Empire State manufacturing index fell more than expected this month. The index dropped 7.6 points in October to negative 9.1. That\u2019s the third straight negative reading and worse than economists\u2019 expectations for negative 5.\u00a0 Any reading below 0 indicates deteriorating business conditions. The new orders index was unchanged at 3.7 while the shipments index plunged 19.9 points to negative 24.1. Unfilled orders rose by 3.8 points to negative 3.7 and the prices paid index jumped 9 points to 48.6.\u00a0 That\u2019s the first increase in prices paid over the past three months.\u00a0 This index and the Philly Fed\u2019s manufacturing index are both considered barometers for national factory activity.\u00a0 Bank of America Earnings Bank of America (BAC) shares are up 2.4% ahead of the open after topping Q3 expectations on the top and bottom line.\u00a0 Here\u2019s how the bank\u2019s results compared to economists\u2019 expectations: EPS: $0.81 vs $0.77 expected Revenue: $24.61 billion vs $23.57 billion expected Profit fell 8% compared to a year ago as Bank of America built up its loan loss reserves by $378 million and paid $520 million in charge-offs for bad loans. But the consumer bank benefited from higher interest rates, with net interest income surging 24% to $13.87 billion. Oil Prices Rise\u00a0 Oil prices are higher this morning as the market digests loose monetary policy decisions from China against global recession fears. West Texas Intermediate crude futures are up 0.5% to $86 bbl while Brent crude futures are up 0.6% to $92 bbl.\u00a0 China\u2019s central bank left interest rates unchanged for the second month in a row, bucking the trend of tightening monetary policy around the world.\u00a0 But the strength of the dollar and continued tightening from the U.S. Federal Reserve is keeping a lid on price gains today. Housing Market In Focus This Week The bulk of big economic data releases this week will focus on the U.S. housing market.\u00a0 The National Association of Homebuilders releases its October sentiment index at 10:00 a.m. ET on Tuesday.\u00a0 The Census Bureau reports housing starts and building permits for September on Wednesday.\u00a0 And the National Association of Realtors reports existing home sales for September on Thursday.\u00a0 The housing market has slowed drastically as mortgage rates have surged higher.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":64455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-64441","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\/64441","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=64441"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64441\/revisions"}],"predecessor-version":[{"id":64458,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64441\/revisions\/64458"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/64455"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=64441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=64441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=64441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}