{"id":66917,"date":"2023-04-06T09:01:35","date_gmt":"2023-04-06T13:01:35","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=66917"},"modified":"2023-04-06T09:02:01","modified_gmt":"2023-04-06T13:02:01","slug":"coffee-with-greta-stocks-fall-ahead-of-early-weekend","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/04\/06\/coffee-with-greta-stocks-fall-ahead-of-early-weekend\/","title":{"rendered":"Coffee With Greta: Stocks Fall Ahead Of Early Weekend"},"content":{"rendered":"

DJIA Futures: <\/b>-17 (-0.1%)<\/span><\/p>\n

SPX Futures: <\/b>-4 (-0.1%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-44 (-0.3%)<\/span><\/p>\n

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

Futures are falling as traders assess the health of the U.S. labor market and economy.<\/span><\/p>\n

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

Weekly Jobless Claims Drop After Large Revision<\/span><\/h2>\n

Weekly jobless claims were higher than expected last week despite a large drop.\u00a0<\/span><\/p>\n

The Labor Department reported 228,000 Americans filed initial unemployment claims.\u00a0<\/span><\/p>\n

That was down by 18,000 from the previous week, which was revised higher by 48,000 to 246,000.\u00a0<\/span><\/p>\n

Last week\u2019s total was higher than expectations for 200,000.\u00a0<\/span><\/p>\n

Continuing claims rose by 6,000 to 1.82 million in the week ending March 25.<\/span><\/p>\n

Although the official March jobs report comes out tomorrow morning, the stock market will be closed in observance of Good Friday.<\/span><\/p>\n

The report is expected to show the U.S. economy added 238,000 jobs last month with the unemployment rate unchanged at 3.6%.<\/span><\/p>\n

Costco Drops On Weak March Sales<\/span><\/h2>\n

Costco <\/b>(COST) shares are falling 3.2% ahead of the open after the retailer reported weak sales numbers for March.\u00a0<\/span><\/p>\n

Same-store sales decreased 1.1% annually last month to $21.71 billion.\u00a0<\/span><\/p>\n

That drop is an indicator consumers may be pulling back on spending due to uncertainty about the economy.\u00a0<\/span><\/p>\n

But part of the decline was also due to lower gas prices.\u00a0<\/span><\/p>\n

Costco estimates those lower prices impacted same-store sales growth by about 2%.\u00a0<\/span><\/p>\n

Excluding the effect of gas prices and foreign exchange rates, same-store sales rose 2.6% in March vs the 5% gain in February.<\/span><\/p>\n

Levi Drops Despite Earnings Beat<\/span><\/h2>\n

Levi Strauss <\/b>(LEVI) shares are down 3.9% in premarket trade after reporting fiscal Q1 results and reaffirming its full-year guidance.\u00a0<\/span><\/p>\n

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

    \n
  • Adjusted EPS: $0.34 vs $0.32 expected<\/span><\/li>\n
  • Revenue: $1.689 billion vs $1.623 billion expected<\/span><\/li>\n<\/ul>\n

    The CFO said Levi was able to reduce inventory levels during the quarter.\u00a0<\/span><\/p>\n

    He also reaffirmed the company\u2019s previous outlook saying, \u201cWe are reaffirming our annual revenue and EPS guidance reflecting a cautious outlook on the macro-environment though we remain excited about the momentum in our DTC and international businesses.\u201d<\/span><\/p>\n

    That forecast is for full-year adjusted EPS of $1.30 to $1.40 and revenue of $6.3 billion to $6.4 billion.<\/span><\/p>\n

    Oil On Track For Weekly Gain<\/span><\/h2>\n

    Oil prices are higher this morning and on track for their third straight weekly gain after OPEC+\u2019s surprise production cut.\u00a0<\/span><\/p>\n

    West Texas Intermediate crude futures are up 0.1% to just under $81 bbl while Brent crude futures are up 0.2% to over $85 bbl.<\/span><\/p>\n

    Both contracts have gained more than 6% this week after the OPEC+ vote last weekend.\u00a0<\/span><\/p>\n

    But concerns about a slowdown in the U.S. economy have kept a lid on price gains.\u00a0<\/span><\/p>\n

    In Case You Missed It<\/span><\/h2>\n
      \n
    • Business activity in the U.S. services sector slowed sharply in March. The Institute for Supply Management\u2019s services PMI dropped nearly 4 points to a three-month low of 51.2% last month. That was lower than economists\u2019 expectations for 54.3%. New orders sank 10.4 points to 52.2%, which was the lowest reading since the end of 2022. But inflation pressures cooled. The prices paid index fell 6.1 points to 59.5%, the smallest reading since July 2020.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      DJIA Futures: -17 (-0.1%) SPX Futures: -4 (-0.1%) NASDAQ Futures: -44 (-0.3%) Good morning friends! Futures are falling as traders assess the health of the U.S. labor market and economy. Let\u2019s get right to it! Weekly Jobless Claims Drop After Large Revision Weekly jobless claims were higher than expected last week despite a large drop.\u00a0 The Labor Department reported 228,000 Americans filed initial unemployment claims.\u00a0 That was down by 18,000 from the previous week, which was revised higher by 48,000 to 246,000.\u00a0 Last week\u2019s total was higher than expectations for 200,000.\u00a0 Continuing claims rose by 6,000 to 1.82 million in the week ending March 25. Although the official March jobs report comes out tomorrow morning, the stock market will be closed in observance of Good Friday. The report is expected to show the U.S. economy added 238,000 jobs last month with the unemployment rate unchanged at 3.6%. Costco Drops On Weak March Sales Costco (COST) shares are falling 3.2% ahead of the open after the retailer reported weak sales numbers for March.\u00a0 Same-store sales decreased 1.1% annually last month to $21.71 billion.\u00a0 That drop is an indicator consumers may be pulling back on spending due to uncertainty about the economy.\u00a0 But part of the decline was also due to lower gas prices.\u00a0 Costco estimates those lower prices impacted same-store sales growth by about 2%.\u00a0 Excluding the effect of gas prices and foreign exchange rates, same-store sales rose 2.6% in March vs the 5% gain in February. Levi Drops Despite Earnings Beat Levi Strauss (LEVI) shares are down 3.9% in premarket trade after reporting fiscal Q1 results and reaffirming its full-year guidance.\u00a0 Here\u2019s how the denim retailer\u2019s results compared to analysts\u2019 expectations: Adjusted EPS: $0.34 vs $0.32 expected Revenue: $1.689 billion vs $1.623 billion expected The CFO said Levi was able to reduce inventory levels during the quarter.\u00a0 He also reaffirmed the company\u2019s previous outlook saying, \u201cWe are reaffirming our annual revenue and EPS guidance reflecting a cautious outlook on the macro-environment though we remain excited about the momentum in our DTC and international businesses.\u201d That forecast is for full-year adjusted EPS of $1.30 to $1.40 and revenue of $6.3 billion to $6.4 billion. Oil On Track For Weekly Gain Oil prices are higher this morning and on track for their third straight weekly gain after OPEC+\u2019s surprise production cut.\u00a0 West Texas Intermediate crude futures are up 0.1% to just under $81 bbl while Brent crude futures are up 0.2% to over $85 bbl. Both contracts have gained more than 6% this week after the OPEC+ vote last weekend.\u00a0 But concerns about a slowdown in the U.S. economy have kept a lid on price gains.\u00a0 In Case You Missed It Business activity in the U.S. services sector slowed sharply in March. The Institute for Supply Management\u2019s services PMI dropped nearly 4 points to a three-month low of 51.2% last month. That was lower than economists\u2019 expectations for 54.3%. New orders sank 10.4 points to 52.2%, which was the lowest reading since the end of 2022. But inflation pressures cooled. The prices paid index fell 6.1 points to 59.5%, the smallest reading since July 2020.<\/p>\n","protected":false},"author":41,"featured_media":66923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-66917","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\/66917","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=66917"}],"version-history":[{"count":3,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66917\/revisions"}],"predecessor-version":[{"id":66928,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66917\/revisions\/66928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/66923"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=66917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=66917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=66917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}