{"id":65210,"date":"2022-11-23T09:00:22","date_gmt":"2022-11-23T14:00:22","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=65210"},"modified":"2022-11-23T09:00:22","modified_gmt":"2022-11-23T14:00:22","slug":"coffee-with-greta-traders-hope-for-dovish-fed-minutes","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/11\/23\/coffee-with-greta-traders-hope-for-dovish-fed-minutes\/","title":{"rendered":"Coffee With Greta: Traders Hope For Dovish Fed Minutes"},"content":{"rendered":"

DJIA Futures: <\/b>-72 (-0.2%)<\/span><\/p>\n

SPX Futures: <\/b>-8 (-0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-11 (-0.1%)<\/span><\/p>\n

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

Futures are slipping as traders look ahead to the Fed minutes and wait to find out whether the bank\u2019s last meeting turned dovish.\u00a0<\/span><\/p>\n

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

Nordstrom Reports Surprise Q3 Loss<\/span><\/h2>\n

Nordstrom <\/b>(JWN) shares are falling 8% ahead of the open after reporting a surprise Q3 loss and lower revenue.\u00a0<\/span><\/p>\n

The company blamed the $20 million loss on \u201csupply-chain impairments\u201d.<\/span><\/p>\n

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

    \n
  • Loss per share: $0.13 vs $0.11 EPS expected<\/span><\/li>\n
  • Revenue: $3.43 billion vs $3.49 billion expected<\/span><\/li>\n<\/ul>\n

    Nordstrom reaffirmed its 2022 guidance for revenue growth of 5% to 7% and adjusted EPS between $2.30 and $2.60.<\/span><\/p>\n

    HP Announces Global Layoffs<\/span><\/h2>\n

    HP Inc <\/b>(HPQ) shares are up 2.9% in premarket trade after announcing layoff plans following lower fiscal Q4 sales.<\/span><\/p>\n

    Here\u2019s how the computer maker\u2019s results compared to analysts\u2019 expectations:<\/span><\/p>\n

      \n
    • Adjusted EPS: $0.85 vs $0.84 expected<\/span><\/li>\n
    • Revenue: $14.8 billion vs $14.69 billion expected\u00a0<\/span><\/li>\n<\/ul>\n

      Revenue dropped 11% year over year and unadjusted net income swung to a $2 million loss from profit of $3.10 billion a year earlier.\u00a0<\/span><\/p>\n

      HP forecast fiscal Q1 adjusted EPS of $0.70 to $0.80 vs analysts\u2019 estimates of $0.86.\u00a0<\/span><\/p>\n

      The company expects full-year adjusted EPS of $3.20 to $3.60 and free cash flow of $3 billion to $3.5 billion.\u00a0<\/span><\/p>\n

      Analysts were expecting EPS of $3.54 and free cash flow around $3.88 billion.\u00a0<\/span><\/p>\n

      HP announced it plans to cut up to 10% of its workforce following those results.\u00a0<\/span><\/p>\n

      The layoffs will impact 4,000 to 6,000 employees globally over the next three years.<\/span><\/p>\n

      The company said its \u201cFuture Ready Transformation plan\u201d should save it $1.4 billion or more over that three year time period.<\/span><\/p>\n

      Weekly Jobless Claims Jump to 3-Month High<\/span><\/h2>\n

      Weekly jobless claims rose to the highest level since August last week.\u00a0<\/span><\/p>\n

      The Labor Department reported 240,000 Americans filed initial claims for unemployment benefits.\u00a0<\/span><\/p>\n

      That was up 17,000 from the previous week and higher than expectations for 225,000.\u00a0<\/span><\/p>\n

      Continuing claims also rose by 50,000 to 1.55 million in the week ending November 12.\u00a0<\/span><\/p>\n

      Mortgage Demand Jumps As Rates Dip<\/span><\/h2>\n

      Mortgage demand rose last week as rates declined slightly.\u00a0<\/span><\/p>\n

      The Mortgage Bankers Association reported overall applications rose 2.2% on a weekly basis. <\/span><\/p>\n

      Purchase applications rose 3% weekly but were still down 41% year over year.\u00a0<\/span><\/p>\n

      Refinance application rose 2% weekly and were still 86% lower than a year ago.\u00a0<\/span><\/p>\n

      The gains came as rates eased last week.\u00a0<\/span><\/p>\n

      The average 30-year contract rate decreased to 6.67% from 6.90%.<\/span><\/p>\n

      Busy Day of Data<\/span><\/h2>\n

      Traders will get a rush of economic data today ahead of the stock market closure for Thanksgiving on Thursday.\u00a0<\/span><\/p>\n

      S&P Global releases its November manufacturing and services PMIs at 9:45 a.m. ET.\u00a0<\/span><\/p>\n

      The University of Michigan\u2019s final November consumer sentiment index and consumer inflation expectations survey will be released at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

      The Census Bureau reports October new home sales at 10:00 a.m. as well.\u00a0<\/span><\/p>\n

      And then the Fed releases the minutes of its November meeting at 2:00 p.m. ET.\u00a0<\/span><\/p>\n

      Traders are looking for signs of the Central Bank turning dovish as recent data has shown inflation cooling in the wake of the bank\u2019s rate hikes.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      DJIA Futures: -72 (-0.2%) SPX Futures: -8 (-0.2%) NASDAQ Futures: -11 (-0.1%) Good morning friends! Futures are slipping as traders look ahead to the Fed minutes and wait to find out whether the bank\u2019s last meeting turned dovish.\u00a0 Let\u2019s get right to it! Nordstrom Reports Surprise Q3 Loss Nordstrom (JWN) shares are falling 8% ahead of the open after reporting a surprise Q3 loss and lower revenue.\u00a0 The company blamed the $20 million loss on \u201csupply-chain impairments\u201d. Here\u2019s how the retailer\u2019s results compared to analysts\u2019 expectations: Loss per share: $0.13 vs $0.11 EPS expected Revenue: $3.43 billion vs $3.49 billion expected Nordstrom reaffirmed its 2022 guidance for revenue growth of 5% to 7% and adjusted EPS between $2.30 and $2.60. HP Announces Global Layoffs HP Inc (HPQ) shares are up 2.9% in premarket trade after announcing layoff plans following lower fiscal Q4 sales. Here\u2019s how the computer maker\u2019s results compared to analysts\u2019 expectations: Adjusted EPS: $0.85 vs $0.84 expected Revenue: $14.8 billion vs $14.69 billion expected\u00a0 Revenue dropped 11% year over year and unadjusted net income swung to a $2 million loss from profit of $3.10 billion a year earlier.\u00a0 HP forecast fiscal Q1 adjusted EPS of $0.70 to $0.80 vs analysts\u2019 estimates of $0.86.\u00a0 The company expects full-year adjusted EPS of $3.20 to $3.60 and free cash flow of $3 billion to $3.5 billion.\u00a0 Analysts were expecting EPS of $3.54 and free cash flow around $3.88 billion.\u00a0 HP announced it plans to cut up to 10% of its workforce following those results.\u00a0 The layoffs will impact 4,000 to 6,000 employees globally over the next three years. The company said its \u201cFuture Ready Transformation plan\u201d should save it $1.4 billion or more over that three year time period. Weekly Jobless Claims Jump to 3-Month High Weekly jobless claims rose to the highest level since August last week.\u00a0 The Labor Department reported 240,000 Americans filed initial claims for unemployment benefits.\u00a0 That was up 17,000 from the previous week and higher than expectations for 225,000.\u00a0 Continuing claims also rose by 50,000 to 1.55 million in the week ending November 12.\u00a0 Mortgage Demand Jumps As Rates Dip Mortgage demand rose last week as rates declined slightly.\u00a0 The Mortgage Bankers Association reported overall applications rose 2.2% on a weekly basis. Purchase applications rose 3% weekly but were still down 41% year over year.\u00a0 Refinance application rose 2% weekly and were still 86% lower than a year ago.\u00a0 The gains came as rates eased last week.\u00a0 The average 30-year contract rate decreased to 6.67% from 6.90%. Busy Day of Data Traders will get a rush of economic data today ahead of the stock market closure for Thanksgiving on Thursday.\u00a0 S&P Global releases its November manufacturing and services PMIs at 9:45 a.m. ET.\u00a0 The University of Michigan\u2019s final November consumer sentiment index and consumer inflation expectations survey will be released at 10:00 a.m. ET.\u00a0 The Census Bureau reports October new home sales at 10:00 a.m. as well.\u00a0 And then the Fed releases the minutes of its November meeting at 2:00 p.m. ET.\u00a0 Traders are looking for signs of the Central Bank turning dovish as recent data has shown inflation cooling in the wake of the bank\u2019s rate hikes.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":65212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-65210","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\/65210","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=65210"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/65210\/revisions"}],"predecessor-version":[{"id":65214,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/65210\/revisions\/65214"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/65212"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=65210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=65210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=65210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}