{"id":66756,"date":"2023-03-22T09:02:35","date_gmt":"2023-03-22T13:02:35","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=66756"},"modified":"2023-03-22T09:02:35","modified_gmt":"2023-03-22T13:02:35","slug":"coffee-with-greta-key-fed-decision-day","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/03\/22\/coffee-with-greta-key-fed-decision-day\/","title":{"rendered":"Coffee With Greta: Key Fed Decision Day"},"content":{"rendered":"

DJIA Futures: <\/b>+4 (+0.01%)<\/span><\/p>\n

SPX Futures:<\/b> -2 (-0.04%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-14 (-0.1%)<\/span><\/p>\n

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

Futures are flat as traders await today\u2019s Fed decision.<\/span><\/p>\n

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

Yields Rise Ahead of Fed Decision<\/span><\/h2>\n

Treasury yields are rising ahead of the Fed decision today.\u00a0<\/span><\/p>\n

The 2-year yield is up 5 basis points to 4.21% while the 10-year yield is up 2 basis points to 3.63%.\u00a0<\/span><\/p>\n

The FOMC will release its meeting statement and rate decision at 2:00 p.m. ET today.\u00a0<\/span><\/p>\n

CME Group\u2019s <\/span>FedWatch<\/span><\/a> Tool shows nearly 88% of traders expecting a 25 basis point hike today.\u00a0<\/span><\/p>\n

Fed Chair Jerome Powell will then hold a press conference at 2:30 p.m.<\/span><\/p>\n

GameStop Surges On Surprise Profit<\/span><\/h2>\n

GameStop <\/b>(GME) shares are surging 55% ahead of the open after reporting a surprise profit in the latest quarter.\u00a0<\/span><\/p>\n

Here\u2019s how the video game retailer\u2019s fiscal Q4 results compared to analysts\u2019 expectations:\u00a0<\/span><\/p>\n

    \n
  • EPS: $0.16 vs $0.13 adjusted loss per share expected<\/span><\/li>\n
  • Revenue: $2.23 billion vs $2.18 billion expected<\/span><\/li>\n<\/ul>\n

    It was GameStop\u2019s first quarterly profit in two years as the company has been working to steer itself back to profitability.\u00a0<\/span><\/p>\n

    Total expenses fell to $453.4 million from $538.9 million in Q4 2021.\u00a0<\/span><\/p>\n

    GameStop did not provide guidance but the CEO said the company has plans to further cut excess costs this year.<\/span><\/p>\n

    Nike Slips On Shrinking Margins<\/span><\/h2>\n

    Nike <\/b>(NKE) shares are falling 1.8% in premarket trade despite beating Q3 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

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

      \n
    • EPS: $0.79 vs $0.56 expected<\/span><\/li>\n
    • Revenue: $12.4 billion vs $11.5 billion expected<\/span><\/li>\n<\/ul>\n

      Sales rose 14% year over year.\u00a0<\/span><\/p>\n

      But Nike\u2019s gross margin dropped 3.3% to 43.3% as elevated inventory levels caused aggressive discounts.\u00a0<\/span><\/p>\n

      Nike also dealt with unfavorable exchange rates and higher production and freight costs during the quarter.<\/span><\/p>\n

      The company said it expects fiscal 2023 revenue growth in the high-single digit range, up from previous guidance for mid-single digit growth.\u00a0<\/span><\/p>\n

      Mortgage Demand Jumps<\/span><\/h2>\n

      Mortgage demand rose for the third straight week as rates dropped in response to the banking crisis.\u00a0<\/span><\/p>\n

      The Mortgage Bankers Association reported total application volume rose 3% last week from the previous week.\u00a0<\/span><\/p>\n

      Purchase applications rose 2% weekly and were 36% lower year over year.\u00a0<\/span><\/p>\n

      Refinance applications rose 5% weekly and were down 68% annually.\u00a0<\/span><\/p>\n

      The increase came as the average 30-year contract rate decreased to 6.48% from 6.71%.\u00a0<\/span><\/p>\n

      That was the lowest level in a month but still sharply higher than around 4.5% a year ago.\u00a0<\/span><\/p>\n

      Rates have since started rising again.<\/span><\/p>\n

      In Case You Missed It<\/span><\/h2>\n
        \n
      • Existing home sales surged in February. The National Association of Realtors reported existing sales jumped 14.5% from January to a seasonally adjusted annual rate of 4.58 million units. It was the first monthly gain in a year but sales were still down 22.6% year over year. The median price of an existing home sold last month was $363,000, down 0.2% from February 2022. That was the first annual decline in nearly 11 years. Supply remained tight with just 980,000 homes for sale at the end of February, representing a 2.6-month supply at the current sales pace.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

        DJIA Futures: +4 (+0.01%) SPX Futures: -2 (-0.04%) NASDAQ Futures: -14 (-0.1%) Good morning friends! Futures are flat as traders await today\u2019s Fed decision. Let\u2019s get right to it! Yields Rise Ahead of Fed Decision Treasury yields are rising ahead of the Fed decision today.\u00a0 The 2-year yield is up 5 basis points to 4.21% while the 10-year yield is up 2 basis points to 3.63%.\u00a0 The FOMC will release its meeting statement and rate decision at 2:00 p.m. ET today.\u00a0 CME Group\u2019s FedWatch Tool shows nearly 88% of traders expecting a 25 basis point hike today.\u00a0 Fed Chair Jerome Powell will then hold a press conference at 2:30 p.m. GameStop Surges On Surprise Profit GameStop (GME) shares are surging 55% ahead of the open after reporting a surprise profit in the latest quarter.\u00a0 Here\u2019s how the video game retailer\u2019s fiscal Q4 results compared to analysts\u2019 expectations:\u00a0 EPS: $0.16 vs $0.13 adjusted loss per share expected Revenue: $2.23 billion vs $2.18 billion expected It was GameStop\u2019s first quarterly profit in two years as the company has been working to steer itself back to profitability.\u00a0 Total expenses fell to $453.4 million from $538.9 million in Q4 2021.\u00a0 GameStop did not provide guidance but the CEO said the company has plans to further cut excess costs this year. Nike Slips On Shrinking Margins Nike (NKE) shares are falling 1.8% in premarket trade despite beating Q3 expectations on the top and bottom line.\u00a0 Here\u2019s how the company\u2019s results compared to analysts\u2019 expectations: EPS: $0.79 vs $0.56 expected Revenue: $12.4 billion vs $11.5 billion expected Sales rose 14% year over year.\u00a0 But Nike\u2019s gross margin dropped 3.3% to 43.3% as elevated inventory levels caused aggressive discounts.\u00a0 Nike also dealt with unfavorable exchange rates and higher production and freight costs during the quarter. The company said it expects fiscal 2023 revenue growth in the high-single digit range, up from previous guidance for mid-single digit growth.\u00a0 Mortgage Demand Jumps Mortgage demand rose for the third straight week as rates dropped in response to the banking crisis.\u00a0 The Mortgage Bankers Association reported total application volume rose 3% last week from the previous week.\u00a0 Purchase applications rose 2% weekly and were 36% lower year over year.\u00a0 Refinance applications rose 5% weekly and were down 68% annually.\u00a0 The increase came as the average 30-year contract rate decreased to 6.48% from 6.71%.\u00a0 That was the lowest level in a month but still sharply higher than around 4.5% a year ago.\u00a0 Rates have since started rising again. In Case You Missed It Existing home sales surged in February. The National Association of Realtors reported existing sales jumped 14.5% from January to a seasonally adjusted annual rate of 4.58 million units. It was the first monthly gain in a year but sales were still down 22.6% year over year. The median price of an existing home sold last month was $363,000, down 0.2% from February 2022. That was the first annual decline in nearly 11 years. Supply remained tight with just 980,000 homes for sale at the end of February, representing a 2.6-month supply at the current sales pace.<\/p>\n","protected":false},"author":41,"featured_media":66760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-66756","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\/66756","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=66756"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66756\/revisions"}],"predecessor-version":[{"id":66761,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66756\/revisions\/66761"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/66760"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=66756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=66756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=66756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}