{"id":67843,"date":"2023-05-08T09:01:27","date_gmt":"2023-05-08T13:01:27","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=67843"},"modified":"2023-05-08T09:01:27","modified_gmt":"2023-05-08T13:01:27","slug":"coffee-with-greta-banks-rally-inflation-week-begins","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/05\/08\/coffee-with-greta-banks-rally-inflation-week-begins\/","title":{"rendered":"Coffee With Greta: Banks Rally, Inflation Week Begins"},"content":{"rendered":"

DJIA Futures: <\/b>+82 (+0.2%)<\/span><\/p>\n

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

NASDAQ Futures: <\/b>-22 (-0.2%)<\/span><\/p>\n

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

Futures are mixed as bank stocks extend Friday\u2019s rally and traders look ahead to inflation data this week.<\/span><\/p>\n

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

Regional Banks Extend Rebound<\/span><\/h2>\n

Regional bank stocks are rallying again today after bouncing back on Friday.\u00a0<\/span><\/p>\n

PacWest Bancorp <\/b>(PACW) shares are leading the trend, up 35.2% ahead of the open.<\/span><\/p>\n

That adds to the bank\u2019s 81.7% gain on Friday.\u00a0<\/span><\/p>\n

PacWest slashed its dividend late Friday evening to just $0.01 per share vs $0.25 previously.\u00a0<\/span><\/p>\n

The CEO also said the bank\u2019s businesses remain \u201cfundamentally sound\u201d.\u00a0<\/span><\/p>\n

Western Alliance Bancorp <\/b>(WAL) shares are up 14.7% with the <\/span>SPDR S&P Regional Banking ETF<\/b> (KRE) up 2.5%.<\/span><\/p>\n

Tyson Foods Drops On Surprise Loss, Lower Outlook<\/span><\/h2>\n

Tyson Foods <\/b>(TSN) shares are tumbling 10% in premarket trade after reporting a surprise fiscal Q2 loss and cutting its full-year outlook.<\/span><\/p>\n

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

    \n
  • Adjusted loss per share: $0.04 vs $0.79 earnings per share expected<\/span><\/li>\n
  • Revenue: $13.1 billion vs $13.6 billion expected<\/span><\/li>\n<\/ul>\n

    Tyson said beef and pork sales declined year over year while chicken and prepared foods sales rose.\u00a0<\/span><\/p>\n

    The company cut its fiscal 2023 revenue outlook to between $53 billion and $54 billion vs $55 billion to $57 billion previously.\u00a0<\/span><\/p>\n

    Inflation Week<\/span><\/h2>\n

    Traders are gearing up for the latest inflation data later this week.\u00a0<\/span><\/p>\n

    The April consumer price index will be released before the market open on Wednesday.\u00a0<\/span><\/p>\n

    Then the producer price index will be released Thursday morning.\u00a0<\/span><\/p>\n

    This data comes after the Fed seemed to hint last week that it was ready to pause rate hikes.\u00a0<\/span><\/p>\n

    But the Fed Chair emphasized that the bank will remain data-dependent for future decisions.<\/span><\/p>\n

    Yellen\u2019s Debt Ceiling Warning<\/span><\/h2>\n

    Treasury Secretary Janet Yellen continued to call on Congress over the weekend to raise the debt ceiling.\u00a0<\/span><\/p>\n

    She warned that a failure to do so would cause a \u201csteep economic downturn\u201d in the U.S.\u00a0<\/span><\/p>\n

    Yellen said, \u201cOur current projection is that in early June, a day will come when we\u2019re unable to pay our bills unless Congress raises the debt ceiling, and it\u2019s something I strongly urge Congress to do.\u201d<\/span><\/p>\n

    She said the Treasury Department is already using \u201cextraordinary measures\u201d to avoid default.<\/span><\/p>\n

    President Biden has invited the House Speaker, House Minority Leader, Senate Majority Leader, and Senate Minority Leader to a meeting at the White House on Tuesday to discuss an agreement on the debt ceiling.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    DJIA Futures: +82 (+0.2%) SPX Futures: +6 (+0.1%) NASDAQ Futures: -22 (-0.2%) Good morning friends! Futures are mixed as bank stocks extend Friday\u2019s rally and traders look ahead to inflation data this week. Let\u2019s get right to it! Regional Banks Extend Rebound Regional bank stocks are rallying again today after bouncing back on Friday.\u00a0 PacWest Bancorp (PACW) shares are leading the trend, up 35.2% ahead of the open. That adds to the bank\u2019s 81.7% gain on Friday.\u00a0 PacWest slashed its dividend late Friday evening to just $0.01 per share vs $0.25 previously.\u00a0 The CEO also said the bank\u2019s businesses remain \u201cfundamentally sound\u201d.\u00a0 Western Alliance Bancorp (WAL) shares are up 14.7% with the SPDR S&P Regional Banking ETF (KRE) up 2.5%. Tyson Foods Drops On Surprise Loss, Lower Outlook Tyson Foods (TSN) shares are tumbling 10% in premarket trade after reporting a surprise fiscal Q2 loss and cutting its full-year outlook. Here\u2019s how the meat company\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted loss per share: $0.04 vs $0.79 earnings per share expected Revenue: $13.1 billion vs $13.6 billion expected Tyson said beef and pork sales declined year over year while chicken and prepared foods sales rose.\u00a0 The company cut its fiscal 2023 revenue outlook to between $53 billion and $54 billion vs $55 billion to $57 billion previously.\u00a0 Inflation Week Traders are gearing up for the latest inflation data later this week.\u00a0 The April consumer price index will be released before the market open on Wednesday.\u00a0 Then the producer price index will be released Thursday morning.\u00a0 This data comes after the Fed seemed to hint last week that it was ready to pause rate hikes.\u00a0 But the Fed Chair emphasized that the bank will remain data-dependent for future decisions. Yellen\u2019s Debt Ceiling Warning Treasury Secretary Janet Yellen continued to call on Congress over the weekend to raise the debt ceiling.\u00a0 She warned that a failure to do so would cause a \u201csteep economic downturn\u201d in the U.S.\u00a0 Yellen said, \u201cOur current projection is that in early June, a day will come when we\u2019re unable to pay our bills unless Congress raises the debt ceiling, and it\u2019s something I strongly urge Congress to do.\u201d She said the Treasury Department is already using \u201cextraordinary measures\u201d to avoid default. President Biden has invited the House Speaker, House Minority Leader, Senate Majority Leader, and Senate Minority Leader to a meeting at the White House on Tuesday to discuss an agreement on the debt ceiling.<\/p>\n","protected":false},"author":41,"featured_media":67845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-67843","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\/67843","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=67843"}],"version-history":[{"count":1,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67843\/revisions"}],"predecessor-version":[{"id":67847,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67843\/revisions\/67847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/67845"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=67843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=67843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=67843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}