{"id":69532,"date":"2023-07-21T08:57:09","date_gmt":"2023-07-21T12:57:09","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=69532"},"modified":"2023-07-21T08:57:09","modified_gmt":"2023-07-21T12:57:09","slug":"coffee-with-greta-mixed-week","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/07\/21\/coffee-with-greta-mixed-week\/","title":{"rendered":"Coffee With Greta: Mixed Week"},"content":{"rendered":"

Register now<\/a> for next week's free Q&A on LinkedIn with pro trader and podcast host Ben Cahn!<\/b><\/p>\n

DJIA Futures: <\/b>+61 (+0.2%)<\/span><\/p>\n

SPX Futures: <\/b>+19 (+0.4%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+101 (+0.7%)<\/span><\/p>\n

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

Futures are higher as traders gear up for the final trading day of the week.<\/span><\/p>\n

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

Dow Extends Win Streak<\/span><\/h2>\n

The <\/span>Dow Jones <\/b>is on its longest winning streak since 2017.\u00a0<\/span><\/p>\n

The index closed higher on Thursday for the ninth straight session, at 35,061.21.\u00a0<\/span><\/p>\n

It\u2019s the longest rally since September 2017 and also the highest closing level since March 2022.\u00a0<\/span><\/p>\n

The major indices are on track to close out the week mixed.\u00a0<\/span><\/p>\n

The Dow and <\/span>S&P 500 <\/b>are both on track to finish the week higher while the <\/span>Nasdaq <\/b>is on track for a weekly decline.<\/span><\/p>\n

Yields Slip Ahead of Fed Next Week<\/span><\/h2>\n

Treasury yields are slipping this morning as investors turn their attention to next week\u2019s Fed meeting.\u00a0<\/span><\/p>\n

Both the 2-year yield and 10-year yield are down 4 basis points.<\/span><\/p>\n

CME Group\u2019s FedWatch Tool shows 99.8% of traders expecting the Fed to hike rates by 25bps next Wednesday.<\/span><\/p>\n

Focus will be on the guidance for future meetings and the Fed Chair\u2019s comments after the meeting.\u00a0<\/span><\/p>\n

American Express Slides On Revenue Miss<\/span><\/h2>\n

American Express <\/b>(AXP) shares are down 4% ahead of the open after beating Q2 profit expectations but missing on revenue.\u00a0<\/span><\/p>\n

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

    \n
  • EPS: $2.89 vs $2.81 expected<\/span><\/li>\n
  • Revenue: $15.05 billion vs $15.48 billion expected<\/span><\/li>\n<\/ul>\n

    Revenue was up 12% year over year while network volumes increased 8%.\u00a0<\/span><\/p>\n

    American Express saw an all-time high in spending through its card products during the quarter.\u00a0<\/span><\/p>\n

    The CFO said, \u201cThe U.S. consumer just looks really strong\u201d and the company hasn\u2019t seen \u201cany signs of weakness on travel and entertainment habits.\u201d<\/span><\/p>\n

    AmEx maintained its full-year outlook.\u00a0<\/span><\/p>\n

    In Case You Missed It<\/span><\/h2>\n
      \n
    • Existing home sales dropped to the slowest pace in 14 years in June. The National Association of Realtors reported existing sales fell 3.3% to a seasonally adjusted annual rate of 4.16 million units, in line with expectations. Sales tumbled 18.9% year over year, the slowest sales pace since June 2009 as low supply squeezes buyers. There were 1.08 million homes for sale at the end of June, down 13.6% from a year ago and representing a 3.1-month supply. The median price of a home sold in June was $410,200, the second-highest on record.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      Register now for next week’s free Q&A on LinkedIn with pro trader and podcast host Ben Cahn! DJIA Futures: +61 (+0.2%) SPX Futures: +19 (+0.4%) NASDAQ Futures: +101 (+0.7%) Good morning friends! Futures are higher as traders gear up for the final trading day of the week. Let\u2019s get right to it! Dow Extends Win Streak The Dow Jones is on its longest winning streak since 2017.\u00a0 The index closed higher on Thursday for the ninth straight session, at 35,061.21.\u00a0 It\u2019s the longest rally since September 2017 and also the highest closing level since March 2022.\u00a0 The major indices are on track to close out the week mixed.\u00a0 The Dow and S&P 500 are both on track to finish the week higher while the Nasdaq is on track for a weekly decline. Yields Slip Ahead of Fed Next Week Treasury yields are slipping this morning as investors turn their attention to next week\u2019s Fed meeting.\u00a0 Both the 2-year yield and 10-year yield are down 4 basis points. CME Group\u2019s FedWatch Tool shows 99.8% of traders expecting the Fed to hike rates by 25bps next Wednesday. Focus will be on the guidance for future meetings and the Fed Chair\u2019s comments after the meeting.\u00a0 American Express Slides On Revenue Miss American Express (AXP) shares are down 4% ahead of the open after beating Q2 profit expectations but missing on revenue.\u00a0 Here\u2019s how the company\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $2.89 vs $2.81 expected Revenue: $15.05 billion vs $15.48 billion expected Revenue was up 12% year over year while network volumes increased 8%.\u00a0 American Express saw an all-time high in spending through its card products during the quarter.\u00a0 The CFO said, \u201cThe U.S. consumer just looks really strong\u201d and the company hasn\u2019t seen \u201cany signs of weakness on travel and entertainment habits.\u201d AmEx maintained its full-year outlook.\u00a0 In Case You Missed It Existing home sales dropped to the slowest pace in 14 years in June. The National Association of Realtors reported existing sales fell 3.3% to a seasonally adjusted annual rate of 4.16 million units, in line with expectations. Sales tumbled 18.9% year over year, the slowest sales pace since June 2009 as low supply squeezes buyers. There were 1.08 million homes for sale at the end of June, down 13.6% from a year ago and representing a 3.1-month supply. The median price of a home sold in June was $410,200, the second-highest on record.<\/p>\n","protected":false},"author":41,"featured_media":69536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-69532","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\/69532","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=69532"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/69532\/revisions"}],"predecessor-version":[{"id":69537,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/69532\/revisions\/69537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/69536"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=69532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=69532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=69532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}