{"id":68343,"date":"2023-06-02T08:57:44","date_gmt":"2023-06-02T12:57:44","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=68343"},"modified":"2023-06-02T08:57:44","modified_gmt":"2023-06-02T12:57:44","slug":"coffee-with-greta-hot-jobs-report","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/06\/02\/coffee-with-greta-hot-jobs-report\/","title":{"rendered":"Coffee With Greta: Hot Jobs Report"},"content":{"rendered":"

DJIA Futures: <\/b>+216 (+0.7%)<\/span><\/p>\n

SPX Futures: <\/b>+22 (+0.5%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+42 (+0.3%)<\/span><\/p>\n

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

Futures are higher as traders digest a hotter-than-expected May jobs report and the debt ceiling bill passes Congress.<\/span><\/p>\n

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

Job Growth Surges In May<\/span><\/h2>\n

The U.S. economy added far more jobs than expected in May.\u00a0<\/span><\/p>\n

The Labor Department reported nonfarm payrolls rose by 339,000 last month while the unemployment rate jumped to 3.7% from 3.4% in April.\u00a0<\/span><\/p>\n

The gain was sharply higher than economists\u2019 expectations for 190,000 jobs.\u00a0<\/span><\/p>\n

But the unemployment rate rose more than expectations for 3.5%>\u00a0<\/span><\/p>\n

The higher unemployment rate is a signal more workers may now be searching for a job.\u00a0<\/span><\/p>\n

Hourly wages rose 0.3% monthly as expected and 4.3% year over year, just below 4.4% expected.<\/span><\/p>\n

April\u2019s job growth was also revised higher to 294,000 from 265,000 previously while March was revised up to 217,000 from 165,000.<\/span><\/p>\n

Senate Passes Debt Ceiling Bill<\/span><\/h2>\n

The debt ceiling bill is now headed to President Biden\u2019s desk after the Senate passed the legislation Thursday evening.\u00a0<\/span><\/p>\n

The upper chamber approved the Fiscal Responsibility Act in a 63-36 vote.\u00a0<\/span><\/p>\n

Biden is now expected to sign the bill today and address the nation at 7:00 p.m. ET.\u00a0<\/span><\/p>\n

In a statement after the Senate vote, Biden said, \u201cNo one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people.\u201d<\/span><\/p>\n

The Treasury Department had given Congress a June 5 deadline to raise the debt ceiling in order to avoid a default.\u00a0<\/span><\/p>\n

The legislation suspends the debt limit until January 1, 2025.<\/span><\/p>\n

Lululemon Surges As Sales Jump<\/span><\/h2>\n

Lululemon Athletica <\/b>(LULU) shares are up 14.9% ahead of the open after beating fiscal Q1 expectations and hiking its full-year outlook.\u00a0<\/span><\/p>\n

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

    \n
  • EPS: $2.28 vs $1.98 expected<\/span><\/li>\n
  • Revenue: $2 billion vs $1.93 billion expected<\/span><\/li>\n<\/ul>\n

    Revenue jumped 25% year over year as the company\u2019s sales in China recovered.\u00a0<\/span><\/p>\n

    Revenue in China surged 79% from a year ago.\u00a0<\/span><\/p>\n

    The CFO said, \u201cOur Q1 results were strong as guests responded well to our product offering in all our markets across the globe. A meaningful acceleration in our China sales trend, coupled with lower air freight, contributed to our better than planned financial performance.\u201d<\/span><\/p>\n

    Lululemon now expects full-year revenue of $9.44 billion to $9.51 billion up from $9.31 billion to $9.41 billion previously.\u00a0<\/span><\/p>\n

    The company also forecast full-year EPS of $11.74 to $11.94 vs its previous forecast for $11.50 to $11.72.<\/span><\/p>\n

    Dell Tops Q1 Expectations<\/span><\/h2>\n

    Dell Technologies <\/b>(DELL) shares are falling 2.1% in premarket trade despite beating fiscal Q1 expectations.<\/span><\/p>\n

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

      \n
    • Adjusted EPS: $1.31 vs $0.86 expected<\/span><\/li>\n
    • Revenue: $20.9 billion vs $20.3 billion expected<\/span><\/li>\n<\/ul>\n

      That revenue beat came even as sales dropped 20% year over year.<\/span><\/p>\n

      Dell\u2019s PC business, the Client Solutions Group, brought in $12 billion in revenue which was down 23% from a year ago but better than $11.4 billion expected.\u00a0<\/span><\/p>\n

      The company also reported improving margins as component costs fall.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      DJIA Futures: +216 (+0.7%) SPX Futures: +22 (+0.5%) NASDAQ Futures: +42 (+0.3%) Good morning friends! Futures are higher as traders digest a hotter-than-expected May jobs report and the debt ceiling bill passes Congress. Let\u2019s get right to it! Job Growth Surges In May The U.S. economy added far more jobs than expected in May.\u00a0 The Labor Department reported nonfarm payrolls rose by 339,000 last month while the unemployment rate jumped to 3.7% from 3.4% in April.\u00a0 The gain was sharply higher than economists\u2019 expectations for 190,000 jobs.\u00a0 But the unemployment rate rose more than expectations for 3.5%>\u00a0 The higher unemployment rate is a signal more workers may now be searching for a job.\u00a0 Hourly wages rose 0.3% monthly as expected and 4.3% year over year, just below 4.4% expected. April\u2019s job growth was also revised higher to 294,000 from 265,000 previously while March was revised up to 217,000 from 165,000. Senate Passes Debt Ceiling Bill The debt ceiling bill is now headed to President Biden\u2019s desk after the Senate passed the legislation Thursday evening.\u00a0 The upper chamber approved the Fiscal Responsibility Act in a 63-36 vote.\u00a0 Biden is now expected to sign the bill today and address the nation at 7:00 p.m. ET.\u00a0 In a statement after the Senate vote, Biden said, \u201cNo one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people.\u201d The Treasury Department had given Congress a June 5 deadline to raise the debt ceiling in order to avoid a default.\u00a0 The legislation suspends the debt limit until January 1, 2025. Lululemon Surges As Sales Jump Lululemon Athletica (LULU) shares are up 14.9% ahead of the open after beating fiscal Q1 expectations and hiking its full-year outlook.\u00a0 Here\u2019s how the athleisure retailer\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $2.28 vs $1.98 expected Revenue: $2 billion vs $1.93 billion expected Revenue jumped 25% year over year as the company\u2019s sales in China recovered.\u00a0 Revenue in China surged 79% from a year ago.\u00a0 The CFO said, \u201cOur Q1 results were strong as guests responded well to our product offering in all our markets across the globe. A meaningful acceleration in our China sales trend, coupled with lower air freight, contributed to our better than planned financial performance.\u201d Lululemon now expects full-year revenue of $9.44 billion to $9.51 billion up from $9.31 billion to $9.41 billion previously.\u00a0 The company also forecast full-year EPS of $11.74 to $11.94 vs its previous forecast for $11.50 to $11.72. Dell Tops Q1 Expectations Dell Technologies (DELL) shares are falling 2.1% in premarket trade despite beating fiscal Q1 expectations. Here\u2019s how the computer maker\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $1.31 vs $0.86 expected Revenue: $20.9 billion vs $20.3 billion expected That revenue beat came even as sales dropped 20% year over year. Dell\u2019s PC business, the Client Solutions Group, brought in $12 billion in revenue which was down 23% from a year ago but better than $11.4 billion expected.\u00a0 The company also reported improving margins as component costs fall.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-68343","post","type-post","status-publish","format-standard","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68343","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=68343"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68343\/revisions"}],"predecessor-version":[{"id":68346,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68343\/revisions\/68346"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=68343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=68343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=68343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}