{"id":67672,"date":"2023-05-02T09:06:37","date_gmt":"2023-05-02T13:06:37","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=67672"},"modified":"2023-05-02T09:06:37","modified_gmt":"2023-05-02T13:06:37","slug":"coffee-with-greta-fed-meeting-begins","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/05\/02\/coffee-with-greta-fed-meeting-begins\/","title":{"rendered":"Coffee With Greta: Fed Meeting Begins"},"content":{"rendered":"

DJIA Futures: <\/b>-85 (-0.3%)<\/span><\/p>\n

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

NASDAQ Futures: <\/b>-5 (-0.03%)<\/span><\/p>\n

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

Futures are slipping as the Fed meeting kicks off.<\/span><\/p>\n

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

Focus On The Fed<\/span><\/h2>\n

The Federal Reserve kicks off its two-day policy meeting today with the rate hike decision set to be released at 2:00 p.m. ET on Wednesday.\u00a0<\/span><\/p>\n

CME Group\u2019s FedWatch Tool shows nearly 91% of traders expecting another 25 basis point rate hike.<\/span><\/p>\n

There will be a lot of focus on Fed Chair Jerome Powell\u2019s press conference following the meeting to see whether he shifts to a more dovish tone or stays hawkish.\u00a0<\/span><\/p>\n

The Fed\u2019s dot plot previously showed this will be the last rate hike with the bank planning to then hold rates higher until 2024.<\/span><\/p>\n

Pfizer Rises After Earnings Beat<\/span><\/h2>\n

Pfizer <\/b>(PFE) are up 0.9% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

Here\u2019s how the pharmaceutical giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

    \n
  • Adjusted EPS: $1.23 vs $0.98 expected<\/span><\/li>\n
  • Revenue: $18.28 billion vs $16.59 billion expected<\/span><\/li>\n<\/ul>\n

    Sales were down 29% year over year with Covid vaccine sales tumbling 75%.\u00a0<\/span><\/p>\n

    Excluding Covid product sales, Pfizer\u2019s revenue was up 5% year over year driven by products from recently acquired companies.\u00a0<\/span><\/p>\n

    The company reiterated its full-year forecast for both earnings and revenue.<\/span><\/p>\n

    Uber Rallies On Revenue Beat\u00a0<\/span><\/h2>\n

    Uber Technologies <\/b>(UBER) shares are rallying 9.4% in premarket trade after reporting better-than-expected Q1 results.\u00a0<\/span><\/p>\n

    Here\u2019s how the ride hailing giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

      \n
    • Loss per share: $0.08 vs $0.09 expected<\/span><\/li>\n
    • Revenue: $8.82 billion vs $8.72 billion expected<\/span><\/li>\n<\/ul>\n

      Revenue was up 29% year over year.\u00a0<\/span><\/p>\n

      Uber\u2019s CEO said the company is already starting to use AI to improve its business.<\/span><\/p>\n

      He said, \u201cWe are still in the early stages of using large data models to power improved user experiences and efficiencies across our platform, with much more to come.\u201d<\/span><\/p>\n

      Uber also reported $31.4 billion in gross bookings during the quarter, up 19% from a year ago.\u00a0<\/span><\/p>\n

      Here\u2019s how those bookings broke down between its business segments:\u00a0<\/span><\/p>\n

        \n
      • Mobility gross bookings: $14.98 billion, up 40% year over year<\/span><\/li>\n
      • Delivery gross bookings: $15.02 billion, up 8% year over year<\/span><\/li>\n<\/ul>\n

        The company expected to report between $33 billion and $34 billion in Q2 gross bookings\u00a0<\/span><\/p>\n

        Morgan Stanley Planning More Layoffs<\/span><\/h2>\n

        Morgan Stanley <\/b>(MS) shares are flat ahead of the open following a report the company is planing more layoffs.\u00a0<\/span><\/p>\n

        Bloomberg first reported the investment bank is planning to eliminate roughly 3,000 positions by the end of June.\u00a0<\/span><\/p>\n

        That would represent about 5% of the bank\u2019s workforce.\u00a0<\/span><\/p>\n

        Morgan Stanley\u2019s wealth management division, which includes financial advisers, would reportedly be excluded from the cuts.\u00a0<\/span><\/p>\n

        Tesla Hikes Prices<\/span><\/h2>\n

        Tesla <\/b>(TSLA) shares are up 0.2% in premarket trade after raising prices on several of its cars in the U.S. and China.\u00a0<\/span><\/p>\n

        In China, the Model 3 now starts at 231,900 Chinese yuan vs 229,900 yuan previously.\u00a0<\/span><\/p>\n

        The Model Y price was also raised by 2,000 yuan to 263,900 yuan.\u00a0<\/span><\/p>\n

        In the U.S., the Model 3 and Model Y prices were hiked by $250 to $40,240 and $47,240 respectively.<\/span><\/p>\n

        Tesla\u2019s prices are still lower than at the start of the year following several price cuts ahead of these increases.<\/span><\/p>\n

        In Case You Missed It<\/span><\/h2>\n
          \n
        • Manufacturing activity improved more than expected in April. The Institute for Supply Management\u2019s manufacturing PMI rose to 47.1% from 46.3%. That was better than expectations for 46.7% but still below the key 50% level which signals contraction across the sector.\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

          DJIA Futures: -85 (-0.3%) SPX Futures: -8 (-0.2%) NASDAQ Futures: -5 (-0.03%) Good morning friends! Futures are slipping as the Fed meeting kicks off. Let\u2019s get right to it! Focus On The Fed The Federal Reserve kicks off its two-day policy meeting today with the rate hike decision set to be released at 2:00 p.m. ET on Wednesday.\u00a0 CME Group\u2019s FedWatch Tool shows nearly 91% of traders expecting another 25 basis point rate hike. There will be a lot of focus on Fed Chair Jerome Powell\u2019s press conference following the meeting to see whether he shifts to a more dovish tone or stays hawkish.\u00a0 The Fed\u2019s dot plot previously showed this will be the last rate hike with the bank planning to then hold rates higher until 2024. Pfizer Rises After Earnings Beat Pfizer (PFE) are up 0.9% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0 Here\u2019s how the pharmaceutical giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $1.23 vs $0.98 expected Revenue: $18.28 billion vs $16.59 billion expected Sales were down 29% year over year with Covid vaccine sales tumbling 75%.\u00a0 Excluding Covid product sales, Pfizer\u2019s revenue was up 5% year over year driven by products from recently acquired companies.\u00a0 The company reiterated its full-year forecast for both earnings and revenue. Uber Rallies On Revenue Beat\u00a0 Uber Technologies (UBER) shares are rallying 9.4% in premarket trade after reporting better-than-expected Q1 results.\u00a0 Here\u2019s how the ride hailing giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Loss per share: $0.08 vs $0.09 expected Revenue: $8.82 billion vs $8.72 billion expected Revenue was up 29% year over year.\u00a0 Uber\u2019s CEO said the company is already starting to use AI to improve its business. He said, \u201cWe are still in the early stages of using large data models to power improved user experiences and efficiencies across our platform, with much more to come.\u201d Uber also reported $31.4 billion in gross bookings during the quarter, up 19% from a year ago.\u00a0 Here\u2019s how those bookings broke down between its business segments:\u00a0 Mobility gross bookings: $14.98 billion, up 40% year over year Delivery gross bookings: $15.02 billion, up 8% year over year The company expected to report between $33 billion and $34 billion in Q2 gross bookings\u00a0 Morgan Stanley Planning More Layoffs Morgan Stanley (MS) shares are flat ahead of the open following a report the company is planing more layoffs.\u00a0 Bloomberg first reported the investment bank is planning to eliminate roughly 3,000 positions by the end of June.\u00a0 That would represent about 5% of the bank\u2019s workforce.\u00a0 Morgan Stanley\u2019s wealth management division, which includes financial advisers, would reportedly be excluded from the cuts.\u00a0 Tesla Hikes Prices Tesla (TSLA) shares are up 0.2% in premarket trade after raising prices on several of its cars in the U.S. and China.\u00a0 In China, the Model 3 now starts at 231,900 Chinese yuan vs 229,900 yuan previously.\u00a0 The Model Y price was also raised by 2,000 yuan to 263,900 yuan.\u00a0 In the U.S., the Model 3 and Model Y prices were hiked by $250 to $40,240 and $47,240 respectively. Tesla\u2019s prices are still lower than at the start of the year following several price cuts ahead of these increases. In Case You Missed It Manufacturing activity improved more than expected in April. The Institute for Supply Management\u2019s manufacturing PMI rose to 47.1% from 46.3%. That was better than expectations for 46.7% but still below the key 50% level which signals contraction across the sector.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":67676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-67672","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\/67672","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=67672"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67672\/revisions"}],"predecessor-version":[{"id":67678,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67672\/revisions\/67678"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/67676"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=67672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=67672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=67672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}