{"id":68873,"date":"2023-06-21T08:55:44","date_gmt":"2023-06-21T12:55:44","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=68873"},"modified":"2023-06-21T08:55:44","modified_gmt":"2023-06-21T12:55:44","slug":"coffee-with-greta-awaiting-powell-2","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/06\/21\/coffee-with-greta-awaiting-powell-2\/","title":{"rendered":"Coffee With Greta: Awaiting Powell"},"content":{"rendered":"

Register now<\/a> for today's free Q&A with pro trader Patrick Hawe on LinkedIn!<\/strong><\/p>\n

DJIA Futures: <\/b>-80 (-0.2%)<\/span><\/p>\n

SPX Futures: <\/b>-11 (-0.3%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-50 (-0.3%)<\/span><\/p>\n

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

Futures are slipping for the third straight day as traders await the Fed Chair\u2019s testimony in Congress.\u00a0<\/span><\/p>\n

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

Powell Testimony Day 1<\/span><\/h2>\n

Fed Chair Jerome Powell will testify in the House Financial Services Committee today for the first day of his two-day Semi-Annual Monetary Policy Report to Congress.\u00a0<\/span><\/p>\n

In his prepared opening statement for the hearing, Powell said, \u201cNearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year.\u201d<\/span><\/p>\n

This comes after the Fed skipped a rate hike last week but signaled plans for two more by year-end.\u00a0<\/span><\/p>\n

Powell says inflation \u201cremains well above\u201d the Fed\u2019s 2% target.<\/span><\/p>\n

His statement says, \u201cthe process of getting inflation back down to 2% has a long way to go.\u201d<\/span><\/p>\n

Powell\u2019s testimony begins at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

FedEx Drops After Earnings<\/span><\/h2>\n

FedEx <\/b>(FDX) shares are down 2.9% ahead of the open after reporting mixed fiscal Q4 results.\u00a0<\/span><\/p>\n

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

    \n
  • Adjusted EPS: $4.94 vs $4.85 expected<\/span><\/li>\n
  • Revenue: $21.9 billion vs $22.5 billion expected<\/span><\/li>\n<\/ul>\n

    The CEO said, \u201cThe solid close to the fiscal year demonstrates the significant progress Team FedEx has made in advancing our global transformation while adapting to the dynamic demand environment. FedEx is becoming a more flexible, efficient and, data-driven organization.\u201d<\/span><\/p>\n

    But FedEx\u2019s guidance came in short of expectations.\u00a0<\/span><\/p>\n

    The company forecast EPS between $16.50 and $18.50 for the coming fiscal year vs $18.30 expected.\u00a0<\/span><\/p>\n

    Mortgage Demand Flat Despite Lower Rates<\/span><\/h2>\n

    Mortgage demand was flat last week despite rates falling for the third straight week.\u00a0<\/span><\/p>\n

    The Mortgage Bankers Association reported total application volume increased just 0.5% last week.\u00a0<\/span><\/p>\n

    Purchase applications increased 2% weekly and were 32% lower year over year.\u00a0<\/span><\/p>\n

    Refinance applications fell 2% weekly and 40% annually.\u00a0<\/span><\/p>\n

    The average 30-year fixed contract rate decreased to 6.73% from 6.77%.\u00a0<\/span><\/p>\n

    In Case You Missed It<\/span><\/h2>\n
      \n
    • Rivian <\/b>(RIVN) shares rallied 5.5% on Tuesday after announcing its customers will be able to access Tesla\u2019s charging network in 2024. Current Rivian owners will be able to access Tesla chargers using an adapter and Rivian\u2019s cars will be built with the Tesla-style charging port standard starting in 2025. <\/span>Tesla <\/b>(TSLA) shares also rose 5.3%.\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      Register now for today’s free Q&A with pro trader Patrick Hawe on LinkedIn! DJIA Futures: -80 (-0.2%) SPX Futures: -11 (-0.3%) NASDAQ Futures: -50 (-0.3%) Good morning friends! Futures are slipping for the third straight day as traders await the Fed Chair\u2019s testimony in Congress.\u00a0 Let\u2019s get right to it! Powell Testimony Day 1 Fed Chair Jerome Powell will testify in the House Financial Services Committee today for the first day of his two-day Semi-Annual Monetary Policy Report to Congress.\u00a0 In his prepared opening statement for the hearing, Powell said, \u201cNearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year.\u201d This comes after the Fed skipped a rate hike last week but signaled plans for two more by year-end.\u00a0 Powell says inflation \u201cremains well above\u201d the Fed\u2019s 2% target. His statement says, \u201cthe process of getting inflation back down to 2% has a long way to go.\u201d Powell\u2019s testimony begins at 10:00 a.m. ET.\u00a0 FedEx Drops After Earnings FedEx (FDX) shares are down 2.9% ahead of the open after reporting mixed fiscal Q4 results.\u00a0 Here\u2019s how the shipping giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $4.94 vs $4.85 expected Revenue: $21.9 billion vs $22.5 billion expected The CEO said, \u201cThe solid close to the fiscal year demonstrates the significant progress Team FedEx has made in advancing our global transformation while adapting to the dynamic demand environment. FedEx is becoming a more flexible, efficient and, data-driven organization.\u201d But FedEx\u2019s guidance came in short of expectations.\u00a0 The company forecast EPS between $16.50 and $18.50 for the coming fiscal year vs $18.30 expected.\u00a0 Mortgage Demand Flat Despite Lower Rates Mortgage demand was flat last week despite rates falling for the third straight week.\u00a0 The Mortgage Bankers Association reported total application volume increased just 0.5% last week.\u00a0 Purchase applications increased 2% weekly and were 32% lower year over year.\u00a0 Refinance applications fell 2% weekly and 40% annually.\u00a0 The average 30-year fixed contract rate decreased to 6.73% from 6.77%.\u00a0 In Case You Missed It Rivian (RIVN) shares rallied 5.5% on Tuesday after announcing its customers will be able to access Tesla\u2019s charging network in 2024. Current Rivian owners will be able to access Tesla chargers using an adapter and Rivian\u2019s cars will be built with the Tesla-style charging port standard starting in 2025. Tesla (TSLA) shares also rose 5.3%.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":68889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-68873","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\/68873","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=68873"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68873\/revisions"}],"predecessor-version":[{"id":68892,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68873\/revisions\/68892"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/68889"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=68873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=68873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=68873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}