{"id":68041,"date":"2023-05-19T08:49:12","date_gmt":"2023-05-19T12:49:12","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=68041"},"modified":"2023-05-19T08:49:12","modified_gmt":"2023-05-19T12:49:12","slug":"coffee-with-greta-awaiting-powell","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/05\/19\/coffee-with-greta-awaiting-powell\/","title":{"rendered":"Coffee With Greta: Awaiting Powell"},"content":{"rendered":"

DJIA Futures: <\/b>+101 (+0.3%)<\/span><\/p>\n

SPX Futures: <\/b>+13 (+0.3%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+10 (+0.1%)<\/span><\/p>\n

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

Futures are rising as traders look ahead to a speech by the Fed Chair today.<\/span><\/p>\n

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

Powell On Deck<\/span><\/h2>\n

Traders are awaiting a speech by Fed Chair Jerome Powell at 11:00 a.m. ET today.\u00a0<\/span><\/p>\n

Powell will participate in a panel discussion alongside former Fed Chair Ben Bernanke at the Thomas Laubach Research Conference.\u00a0<\/span><\/p>\n

The market is focused on this speech after two Fed officials seemed to put their support behind a June rate hike on Thursday. <\/span>
\n<\/span>
\n<\/span>Dallas Fed President Lorie Logan said in a speech, \u201cWe haven\u2019t yet made the progress we need to make. And it\u2019s a long way from here to 2 percent inflation.\u201d<\/span><\/p>\n

St. Louis Fed President James Bullard later today the Financial Times, \u201cI do expect disinflation, but it\u2019s been slower than I would have liked, and it may warrant taking out some insurance by raising rates somewhat more to make sure that we really do get inflation under control.\u201d<\/span><\/p>\n

Bullard added, \u201cOur main risk is that inflation doesn\u2019t go down or even turns around and goes higher, as it did in the 1970s.\u201d<\/span><\/p>\n

CME Group\u2019s <\/span>FedWatch<\/span><\/a> Tool still shows 64.4% of traders betting on no rate hike at the June 14 meeting.\u00a0<\/span><\/p>\n

Foot Locker Tumbles After Earnings Miss<\/span><\/h2>\n

Foot Locker <\/b>(FL) shares are plunging 26.2% ahead of the open after missing Q1 expectations and cutting its full-year outlook.\u00a0<\/span><\/p>\n

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

    \n
  • EPS: $0.70 vs $0.76 expected<\/span><\/li>\n
  • Revenue: $1.93 billion vs $1.99 billion<\/span><\/li>\n<\/ul>\n

    Same-store sales dropped 9.1% year over year vs the 7.7% decline expected.<\/span><\/p>\n

    Foot Locker now expects full-year EPS of $2 to $2.25, down from $3.35 to $3.65 previously.\u00a0<\/span><\/p>\n

    The company also expects full-year sales to fall 6.5% to 8% vs 3.5% to 5.5% previously.\u00a0<\/span><\/p>\n

    The CEO said, \u201cOur sales have since softened meaningfully given the tough macroeconomic backdrop, causing us to reduce our guidance for the year as we take more aggressive markdowns to both drive demand and manage inventory.\u201d<\/span><\/p>\n

    Deere Jumps On Earnings Beat<\/span><\/h2>\n

    Deere & Co <\/b>(DE) shares are rising 3.4% in premarket trade after beating fiscal Q2 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

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

      \n
    • EPS: $9.56 vs $8.58 expected<\/span><\/li>\n
    • Revenue: $16 billion vs 14.9 billion expected<\/span><\/li>\n<\/ul>\n

      Deere hiked its full-year guidance following the beat.\u00a0<\/span><\/p>\n

      The company now expects net income between $9.25 billion and $9.5 billion this year vs $8.75 billion and $9.25 billion previously.<\/span><\/p>\n

      The CEO said, \u201cAs shown by the company\u2019s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment. Though supply-chain constraints continue to present a challenge, we are seeing further improvement.\u201d<\/span><\/p>\n

      In Case You Missed It<\/span><\/h2>\n
        \n
      • Existing home sales slowed less than expected in April. The National Association of Realtors reported existing sales fell 3.4% last month to a seasonally adjusted annual rate of 4.28 million units vs 4.26 million expected. Existing sales were down 23.2% year over year. There were 1.04 million homes for sale at the end of the month, up 1% from April 2022 but representing just a 2.9-month supply. The median price of an existing home sold in April fell 1.7% annually to $388,800.<\/span><\/li>\n
      • The Conference Board\u2019s leading economic indicators index fell 0.6% as expected in April. That was the 13th straight monthly decline, signaling an impending recession. Eight of the 10 indicators included in the index declined. The measure of current economic conditions rose 0.3%.\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

        DJIA Futures: +101 (+0.3%) SPX Futures: +13 (+0.3%) NASDAQ Futures: +10 (+0.1%) Good morning friends! Futures are rising as traders look ahead to a speech by the Fed Chair today. Let\u2019s get right to it! Powell On Deck Traders are awaiting a speech by Fed Chair Jerome Powell at 11:00 a.m. ET today.\u00a0 Powell will participate in a panel discussion alongside former Fed Chair Ben Bernanke at the Thomas Laubach Research Conference.\u00a0 The market is focused on this speech after two Fed officials seemed to put their support behind a June rate hike on Thursday. Dallas Fed President Lorie Logan said in a speech, \u201cWe haven\u2019t yet made the progress we need to make. And it\u2019s a long way from here to 2 percent inflation.\u201d St. Louis Fed President James Bullard later today the Financial Times, \u201cI do expect disinflation, but it\u2019s been slower than I would have liked, and it may warrant taking out some insurance by raising rates somewhat more to make sure that we really do get inflation under control.\u201d Bullard added, \u201cOur main risk is that inflation doesn\u2019t go down or even turns around and goes higher, as it did in the 1970s.\u201d CME Group\u2019s FedWatch Tool still shows 64.4% of traders betting on no rate hike at the June 14 meeting.\u00a0 Foot Locker Tumbles After Earnings Miss Foot Locker (FL) shares are plunging 26.2% ahead of the open after missing Q1 expectations and cutting its full-year outlook.\u00a0 Here\u2019s how the shoe retailer\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $0.70 vs $0.76 expected Revenue: $1.93 billion vs $1.99 billion Same-store sales dropped 9.1% year over year vs the 7.7% decline expected. Foot Locker now expects full-year EPS of $2 to $2.25, down from $3.35 to $3.65 previously.\u00a0 The company also expects full-year sales to fall 6.5% to 8% vs 3.5% to 5.5% previously.\u00a0 The CEO said, \u201cOur sales have since softened meaningfully given the tough macroeconomic backdrop, causing us to reduce our guidance for the year as we take more aggressive markdowns to both drive demand and manage inventory.\u201d Deere Jumps On Earnings Beat Deere & Co (DE) shares are rising 3.4% in premarket trade after beating fiscal Q2 expectations on the top and bottom line.\u00a0 Here\u2019s how the company\u2019s results compared to analysts\u2019 estimates: EPS: $9.56 vs $8.58 expected Revenue: $16 billion vs 14.9 billion expected Deere hiked its full-year guidance following the beat.\u00a0 The company now expects net income between $9.25 billion and $9.5 billion this year vs $8.75 billion and $9.25 billion previously. The CEO said, \u201cAs shown by the company\u2019s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment. Though supply-chain constraints continue to present a challenge, we are seeing further improvement.\u201d In Case You Missed It Existing home sales slowed less than expected in April. The National Association of Realtors reported existing sales fell 3.4% last month to a seasonally adjusted annual rate of 4.28 million units vs 4.26 million expected. Existing sales were down 23.2% year over year. There were 1.04 million homes for sale at the end of the month, up 1% from April 2022 but representing just a 2.9-month supply. The median price of an existing home sold in April fell 1.7% annually to $388,800. The Conference Board\u2019s leading economic indicators index fell 0.6% as expected in April. That was the 13th straight monthly decline, signaling an impending recession. Eight of the 10 indicators included in the index declined. The measure of current economic conditions rose 0.3%.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":68051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-68041","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\/68041","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=68041"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68041\/revisions"}],"predecessor-version":[{"id":68052,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68041\/revisions\/68052"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/68051"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=68041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=68041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=68041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}