{"id":66652,"date":"2023-03-14T08:59:59","date_gmt":"2023-03-14T12:59:59","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=66652"},"modified":"2023-03-14T08:59:59","modified_gmt":"2023-03-14T12:59:59","slug":"coffee-with-greta-cpi-as-expected-bank-stocks-rebound","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/03\/14\/coffee-with-greta-cpi-as-expected-bank-stocks-rebound\/","title":{"rendered":"Coffee With Greta: CPI As Expected, Bank Stocks Rebound"},"content":{"rendered":"

DJIA Futures: <\/b>+259 (+0.8%)<\/span><\/p>\n

SPX Futures:<\/b> +38 (+1.0%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+120 (+1.0%)<\/span><\/p>\n

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

Futures are jumping as traders digest new inflation data and bank stocks rebound.\u00a0<\/span><\/p>\n

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

February CPI In-Line With Expectations<\/span><\/h2>\n

Inflation pressures slowed as expected in February.\u00a0<\/span><\/p>\n

The Bureau of Labor Statistics\u2019 consumer price index rose 0.4% monthly and 6% year over year.\u00a0<\/span><\/p>\n

That was in-line with economists\u2019 expectations and down from 0.5% monthly and 6.4% annually in January.\u00a0<\/span><\/p>\n

The core CPI rose 0.5% monthly and 5.5% annually.\u00a0<\/span><\/p>\n

That was slightly higher than economists\u2019 expectations for 0.4% monthly but as expected annually.\u00a0<\/span><\/p>\n

Following the recent turmoil in the banking sector, CME Group\u2019s <\/span>FedWatch<\/span><\/a> Tool shows 79% of traders expecting a 25 basis point rate hike at next week\u2019s Fed meeting.<\/span><\/p>\n

The market is also pricing that hike in as the last one of the year.<\/span><\/p>\n

Regional Bank Stocks Rebound<\/span><\/h2>\n

Shares of regional banks are rebounding today after plummeting over the past few sessions in the wake of the SVB and <\/span>Signature Bank <\/b>(SBNY) collapse.<\/span><\/p>\n

First Republic Bank <\/b>(FRC) shares are surging 56.9% in premarket trade after losing 61.8% on Monday.<\/span><\/p>\n

Western Alliance Bancorp <\/b>(WAL) shares are also jumping 40.9% after Wells Fargo analysts reiterated their overweight rating on the stock.\u00a0<\/span><\/p>\n

The<\/span> SPDR S&P Regional Banking ETF <\/b>(KRE) is up 8.5% ahead of the open after tumbling 12.3% on Monday for its biggest one-day loss since March 2020.<\/span><\/p>\n

United Airlines Q1 Profit Warning<\/span><\/h2>\n

United Airlines <\/b>(UAL) shares are falling 4.6% ahead of the open after issuing a profit warning for the first quarter.\u00a0<\/span><\/p>\n

The airline said it expects an adjusts quarterly loss of between $0.60 to $1 per share this quarter.\u00a0<\/span><\/p>\n

That\u2019s down from its previous forecast for earnings between $0.50 and $1 per share.\u00a0<\/span><\/p>\n

United blamed that adjusted outlook on weaker demand growth and higher fuel costs this quarter.<\/span><\/p>\n

In a <\/span>securities filing<\/span><\/a>, the company said, \u201cWhile all months of 2023 are expected to produce unit revenue significantly above the corresponding months in 2019, the Company is observing new seasonal demand patterns, with lower-demand months such as January and February 2023 growing less than higher-demand months.\u201d<\/span><\/p>\n

Ride-Share Companies Rally On CA Court Decision<\/span><\/h2>\n

Uber <\/b>(UBER), <\/span>Lyft <\/b>(LYFT), and <\/span>DoorDash <\/b>(DASH) shares are all rallying ahead of the open after a California appeals court ruled the companies can continue treating their drivers as independent contractors.<\/span><\/p>\n

UBER is up 7.1%, with LYFT up 7.2%, and DASH rising 8.5%.\u00a0<\/span><\/p>\n

The ruling overturned a previously ruling that required the companies to treat drivers as employees and provide benefits.\u00a0<\/span><\/p>\n

The decision is likely to be appealed in the California Supreme Court.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

DJIA Futures: +259 (+0.8%) SPX Futures: +38 (+1.0%) NASDAQ Futures: +120 (+1.0%) Good morning friends! Futures are jumping as traders digest new inflation data and bank stocks rebound.\u00a0 Let\u2019s get right to it! February CPI In-Line With Expectations Inflation pressures slowed as expected in February.\u00a0 The Bureau of Labor Statistics\u2019 consumer price index rose 0.4% monthly and 6% year over year.\u00a0 That was in-line with economists\u2019 expectations and down from 0.5% monthly and 6.4% annually in January.\u00a0 The core CPI rose 0.5% monthly and 5.5% annually.\u00a0 That was slightly higher than economists\u2019 expectations for 0.4% monthly but as expected annually.\u00a0 Following the recent turmoil in the banking sector, CME Group\u2019s FedWatch Tool shows 79% of traders expecting a 25 basis point rate hike at next week\u2019s Fed meeting. The market is also pricing that hike in as the last one of the year. Regional Bank Stocks Rebound Shares of regional banks are rebounding today after plummeting over the past few sessions in the wake of the SVB and Signature Bank (SBNY) collapse. First Republic Bank (FRC) shares are surging 56.9% in premarket trade after losing 61.8% on Monday. Western Alliance Bancorp (WAL) shares are also jumping 40.9% after Wells Fargo analysts reiterated their overweight rating on the stock.\u00a0 The SPDR S&P Regional Banking ETF (KRE) is up 8.5% ahead of the open after tumbling 12.3% on Monday for its biggest one-day loss since March 2020. United Airlines Q1 Profit Warning United Airlines (UAL) shares are falling 4.6% ahead of the open after issuing a profit warning for the first quarter.\u00a0 The airline said it expects an adjusts quarterly loss of between $0.60 to $1 per share this quarter.\u00a0 That\u2019s down from its previous forecast for earnings between $0.50 and $1 per share.\u00a0 United blamed that adjusted outlook on weaker demand growth and higher fuel costs this quarter. In a securities filing, the company said, \u201cWhile all months of 2023 are expected to produce unit revenue significantly above the corresponding months in 2019, the Company is observing new seasonal demand patterns, with lower-demand months such as January and February 2023 growing less than higher-demand months.\u201d Ride-Share Companies Rally On CA Court Decision Uber (UBER), Lyft (LYFT), and DoorDash (DASH) shares are all rallying ahead of the open after a California appeals court ruled the companies can continue treating their drivers as independent contractors. UBER is up 7.1%, with LYFT up 7.2%, and DASH rising 8.5%.\u00a0 The ruling overturned a previously ruling that required the companies to treat drivers as employees and provide benefits.\u00a0 The decision is likely to be appealed in the California Supreme Court.<\/p>\n","protected":false},"author":41,"featured_media":66656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-66652","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\/66652","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=66652"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66652\/revisions"}],"predecessor-version":[{"id":66657,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66652\/revisions\/66657"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/66656"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=66652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=66652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=66652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}