{"id":66573,"date":"2023-03-07T08:55:24","date_gmt":"2023-03-07T13:55:24","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=66573"},"modified":"2023-03-07T08:55:24","modified_gmt":"2023-03-07T13:55:24","slug":"coffee-with-greta-powell-takes-the-hot-seat","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/03\/07\/coffee-with-greta-powell-takes-the-hot-seat\/","title":{"rendered":"Coffee With Greta: Powell Takes The Hot Seat"},"content":{"rendered":"

DJIA Futures: <\/b>+13 (+0.04%)<\/span><\/p>\n

SPX Futures: <\/b>+6 (+0.1%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+31 (+0.3%)<\/span><\/p>\n

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

Futures are inching higher as traders await the Fed Chair\u2019s first day of testimony on Capitol Hill.<\/span><\/p>\n

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

Powell Testimony Day 1<\/span><\/h2>\n

Fed Chair Jerome Powell is set to deliver his semiannual testimony on monetary policy to Congress over the next two days.\u00a0<\/span><\/p>\n

Powell will first appear in the Senate, with testimony in the Senate Banking Comittee beginning at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

Traders are watching this testimony for any new insight into the bank\u2019s plans for interest rates amid the stubborn inflation pressures in the U.S.\u00a0<\/span><\/p>\n

Powell will face questions from lawmakers on both sides of the aisle during this hearing.<\/span><\/p>\n

The Fed\u2019s next meeting is March 21-22 and CME Group\u2019s <\/span>FedWatch<\/span><\/a> Tool shows over 70% of traders expecting the bank to approve another 25 basis point rate hike.\u00a0<\/span><\/p>\n

Meta Planning More Layoffs<\/span><\/h2>\n

Meta Platforms <\/b>(META) shares are rising 2.4% ahead of the open following a <\/span>Bloomberg report<\/span><\/a> that the company is planning more layoffs.\u00a0<\/span><\/p>\n

The social media giant is reportedly set to cut thousands of more jobs this week.\u00a0<\/span><\/p>\n

That\u2019s on top of the 13% workforce reduction the company announced in November.\u00a0<\/span><\/p>\n

The Bloomberg report said directors and vice president at the company have been asked to compile lists of employees deemed expendable.<\/span><\/p>\n

Rivian Drops After Bond-Selling Announcement<\/span><\/h2>\n

Rivian <\/b>(RIVN) shares are dropping 5.8% in premarket trade after announcing a new plan to raise capital.\u00a0<\/span><\/p>\n

The electric automaker plans to sell $1.3 billion worth of bonds.<\/span><\/p>\n

Initial investors will also get an option to buy an additional $200 million of the bonds.\u00a0<\/span><\/p>\n

Rivian said the capital raised from this offering will be used to help it launch its smaller R2 electric vehicle family.<\/span><\/p>\n

Dick\u2019s Rallies On Earnings Beat<\/span><\/h2>\n

Dick\u2019s Sporting Goods <\/b>(DKS) shares are up 6.1% ahead of the open after beating Q4 expectations on the top and bottom line.<\/span><\/p>\n

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

    \n
  • Adjusted EPS: $2.93 vs $2.88 expected<\/span><\/li>\n
  • Revenue: $3.60 billion vs $3.45 billion expected<\/span><\/li>\n<\/ul>\n

    Same-store sales jumped 5.3%, more than double analysts\u2019 expectations for a 2.1% gain.\u00a0<\/span><\/p>\n

    The company said it feels confident it has fixed the supply chain and inventory issues it faced throughout 2022.\u00a0<\/span><\/p>\n

    The CEO said, \u201cAs planned, we continued to address targeted inventory overages, and as a result our inventory is in great shape as we start 2023.\u201d<\/span><\/p>\n

    Dick\u2019s forecast full-year EPS between $12.90 and $13.80, beating estimates of $12.\u00a0<\/span><\/p>\n

    The company expects same-store sales growth for the full-year to be flat to up to 2%.\u00a0<\/span><\/p>\n

    In Case You Missed It<\/span><\/h2>\n
      \n
    • U.S. factory orders fell less than expected in January. The Commerce Department reported new orders for U.S.-manufactured goods fell 1.6% at the start of 2023. That was better than expectations for a 1.8% decline but a reversal from the 1.7% increase in December. The drop was due to a plunge in orders for <\/span>Boeing <\/b>(BA) planes, which drove commercial aircraft orders down 55%. Most other manufacturing categories saw an increase in orders. Excluding transportation, factory orders rose 1.2%.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      DJIA Futures: +13 (+0.04%) SPX Futures: +6 (+0.1%) NASDAQ Futures: +31 (+0.3%) Good morning friends! Futures are inching higher as traders await the Fed Chair\u2019s first day of testimony on Capitol Hill. Let\u2019s get right to it! Powell Testimony Day 1 Fed Chair Jerome Powell is set to deliver his semiannual testimony on monetary policy to Congress over the next two days.\u00a0 Powell will first appear in the Senate, with testimony in the Senate Banking Comittee beginning at 10:00 a.m. ET.\u00a0 Traders are watching this testimony for any new insight into the bank\u2019s plans for interest rates amid the stubborn inflation pressures in the U.S.\u00a0 Powell will face questions from lawmakers on both sides of the aisle during this hearing. The Fed\u2019s next meeting is March 21-22 and CME Group\u2019s FedWatch Tool shows over 70% of traders expecting the bank to approve another 25 basis point rate hike.\u00a0 Meta Planning More Layoffs Meta Platforms (META) shares are rising 2.4% ahead of the open following a Bloomberg report that the company is planning more layoffs.\u00a0 The social media giant is reportedly set to cut thousands of more jobs this week.\u00a0 That\u2019s on top of the 13% workforce reduction the company announced in November.\u00a0 The Bloomberg report said directors and vice president at the company have been asked to compile lists of employees deemed expendable. Rivian Drops After Bond-Selling Announcement Rivian (RIVN) shares are dropping 5.8% in premarket trade after announcing a new plan to raise capital.\u00a0 The electric automaker plans to sell $1.3 billion worth of bonds. Initial investors will also get an option to buy an additional $200 million of the bonds.\u00a0 Rivian said the capital raised from this offering will be used to help it launch its smaller R2 electric vehicle family. Dick\u2019s Rallies On Earnings Beat Dick\u2019s Sporting Goods (DKS) shares are up 6.1% ahead of the open after beating Q4 expectations on the top and bottom line. Here\u2019s how the sporting goods retailer\u2019s results compared to analysts\u2019 estimates: Adjusted EPS: $2.93 vs $2.88 expected Revenue: $3.60 billion vs $3.45 billion expected Same-store sales jumped 5.3%, more than double analysts\u2019 expectations for a 2.1% gain.\u00a0 The company said it feels confident it has fixed the supply chain and inventory issues it faced throughout 2022.\u00a0 The CEO said, \u201cAs planned, we continued to address targeted inventory overages, and as a result our inventory is in great shape as we start 2023.\u201d Dick\u2019s forecast full-year EPS between $12.90 and $13.80, beating estimates of $12.\u00a0 The company expects same-store sales growth for the full-year to be flat to up to 2%.\u00a0 In Case You Missed It U.S. factory orders fell less than expected in January. The Commerce Department reported new orders for U.S.-manufactured goods fell 1.6% at the start of 2023. That was better than expectations for a 1.8% decline but a reversal from the 1.7% increase in December. The drop was due to a plunge in orders for Boeing (BA) planes, which drove commercial aircraft orders down 55%. Most other manufacturing categories saw an increase in orders. Excluding transportation, factory orders rose 1.2%.<\/p>\n","protected":false},"author":41,"featured_media":66575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-66573","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\/66573","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=66573"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66573\/revisions"}],"predecessor-version":[{"id":66578,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66573\/revisions\/66578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/66575"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=66573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=66573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=66573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}