{"id":69729,"date":"2023-08-04T08:57:05","date_gmt":"2023-08-04T12:57:05","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=69729"},"modified":"2023-08-04T14:17:15","modified_gmt":"2023-08-04T18:17:15","slug":"coffee-with-greta-labor-market-slows","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/08\/04\/coffee-with-greta-labor-market-slows\/","title":{"rendered":"Coffee With Greta: Labor Market Slows"},"content":{"rendered":"

Register now<\/a> for next week's free Q&A event on LinkedIn with T3 professional trader Brandt Hersh!<\/b><\/p>\n

DJIA Futures: <\/b>+27 (+0.1%)<\/span><\/p>\n

SPX Futures: <\/b>+8 (+0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+36 (+0.2%)<\/span><\/p>\n

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

Futures are higher as traders assess the July jobs report and the latest big tech earnings.<\/span><\/p>\n

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

Jobs Report Miss<\/span><\/h2>\n

The U.S. economy added less jobs than expected in July, indicating slowing growth in the labor market.\u00a0<\/span><\/p>\n

The Labor Department reported nonfarm payrolls grew by 187,000 last month vs 200,000 expected.\u00a0<\/span><\/p>\n

It was a slight gain from the downwardly revised 185,000 in June.<\/span><\/p>\n

But the unemployment rate fell unexpectedly to 3.5% vs expectations for it to be unchanged at 3.6%.<\/span><\/p>\n

Average hourly earnings rose 0.4% monthly and 4.4% year over year, higher than 0.3% monthly and 4.2% annually expected.<\/span><\/p>\n

Apple Beats<\/span><\/h2>\n

Apple <\/b>(AAPL) shares are down 3% ahead of the open after beating fiscal Q3 expectations on the top and bottom line as hardware sales continued to slow.\u00a0<\/span><\/p>\n

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

    \n
  • EPS: $1.26 vs $1.19 expected<\/span><\/li>\n
  • Revenue: $81.80 billion vs $81.69 billion expected<\/span><\/li>\n
  • iPhone revenue: $39.67 billion vs $39.91 billion expected\u00a0<\/span><\/li>\n
  • Mac revenue: $6.84 billion vs $6.62 billion expected<\/span><\/li>\n
  • iPad revenue: $5.79 billion vs $6.41 billion expected<\/span><\/li>\n
  • Other Products revenue: $8.28 billion vs $8.39 billion expected<\/span><\/li>\n
  • Services revenue: $21.21 billion vs $20.76 billion expected<\/span><\/li>\n
  • Gross margin: 44.5% vs 44.2% expected<\/span><\/li>\n<\/ul>\n

    Total revenue was down 1% year over year, driven by slowing sales for the iPhone, Mac, and iPad.<\/span><\/p>\n

    Apple\u2019s sales in China jumped 8% year over year with CEO Tim Cook saying he\u2019s seeing \u201cdefinite acceleration\u201d in the market.\u00a0<\/span><\/p>\n

    The company reported $166.5 billion in cash on hand, up slightly from Q2.<\/span><\/p>\n

    Apple did not provide guidance.\u00a0<\/span><\/p>\n

    Amazon Crushes Expectations<\/span><\/h2>\n

    Amazon <\/b>(AMZN) shares are jumping 9% in premarket trade after crushing Q2 expectations and issuing strong guidance.<\/span><\/p>\n

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

      \n
    • EPS: $0.65 vs $0.35 expected<\/span><\/li>\n
    • Revenue: $134.4 billion vs $131.5 billion expected<\/span><\/li>\n
    • Amazon Web Services revenue: $22.1 billion vs $21.8 billion expected<\/span><\/li>\n
    • Advertising revenue: $10.7 billion vs $10.4 billion expected<\/span><\/li>\n<\/ul>\n

      Overall revenue jumped 11% year over year, marking a return to double-digit growth.\u00a0<\/span><\/p>\n

      Ad revenue soared 22% from a year ago.<\/span><\/p>\n

      Amazon forecast Q3 revenue between $138 billion and $143 billion, implying growth of 9% to 13%.\u00a0<\/span><\/p>\n

      That topped analysts\u2019 estimates for $138.25 billion in revenue.<\/span><\/p>\n

      Airbnb Bookings Slow<\/span><\/h2>\n

      Airbnb <\/b>(ABNB) shares are falling 2.6% ahead of the open after reporting less bookings than expected in the second quarter.\u00a0<\/span><\/p>\n

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

        \n
      • EPS: $0.98 vs $0.78 expected<\/span><\/li>\n
      • Revenue: $2.48 billion vs $2.42 billion expected<\/span><\/li>\n<\/ul>\n

        Revenue rose 18% year over year while gross bookings rose 12% to $19.1 billion vs $18.99 billion expected.\u00a0<\/span><\/p>\n

        But Airbnb reported 115.1 million nights and experiences booked during the quarter, less than 117.6 million expected.\u00a0<\/span><\/p>\n

        That marked 11% growth from a year ago, a slowdown from the 19% growth in Q1.\u00a0<\/span><\/p>\n

        Airbnb expected Q3 revenue between $3.3 billion and $3.4 billion, implying 14% to 18% growth.<\/span><\/p>\n

        Nikola\u2019s Losses Narrow, CEO Steps Down<\/span><\/h2>\n

        Nikola <\/b>(NKLA) shares are falling 11.6% in premarket trade after missing Q2 sales expectations and announcing its CEO is stepping down.\u00a0<\/span><\/p>\n

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

          \n
        • Loss per share: $0.20 vs $0.22 expected<\/span><\/li>\n
        • Revenue: $15.36 million vs $15.4 million expected<\/span><\/li>\n<\/ul>\n

          The company said its CEO will step down effective immediately due to a \u201cfamily health matter\u201d.<\/span><\/p>\n

          The current board chair will take over as CEO.<\/span><\/p>\n

          The earnings report comes after Nikola won approval from shareholders on Thursday to issue new stock to raise more funds.<\/span><\/p>\n

          Nikola delivered 45 battery-electric semitrucks to dealers during Q2 and dealers sold 66 of the trucks to customers, the company\u2019s best quarterly retail result to date.<\/span><\/p>\n

          The company said it began production of its longer-range fuel-cell powered semitruck on July 31 with deliveries expected to begin in September.\u00a0<\/span><\/p>\n

          The company currently has 202 orders for those longer-range trucks from 18 fleet customers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

          Register now for next week’s free Q&A event on LinkedIn with T3 professional trader Brandt Hersh! DJIA Futures: +27 (+0.1%) SPX Futures: +8 (+0.2%) NASDAQ Futures: +36 (+0.2%) Good morning friends! Futures are higher as traders assess the July jobs report and the latest big tech earnings. Let\u2019s get right to it! Jobs Report Miss The U.S. economy added less jobs than expected in July, indicating slowing growth in the labor market.\u00a0 The Labor Department reported nonfarm payrolls grew by 187,000 last month vs 200,000 expected.\u00a0 It was a slight gain from the downwardly revised 185,000 in June. But the unemployment rate fell unexpectedly to 3.5% vs expectations for it to be unchanged at 3.6%. Average hourly earnings rose 0.4% monthly and 4.4% year over year, higher than 0.3% monthly and 4.2% annually expected. Apple Beats Apple (AAPL) shares are down 3% ahead of the open after beating fiscal Q3 expectations on the top and bottom line as hardware sales continued to slow.\u00a0 Here\u2019s how the iPhone maker\u2019s results compared to analysts\u2019 estimates: EPS: $1.26 vs $1.19 expected Revenue: $81.80 billion vs $81.69 billion expected iPhone revenue: $39.67 billion vs $39.91 billion expected\u00a0 Mac revenue: $6.84 billion vs $6.62 billion expected iPad revenue: $5.79 billion vs $6.41 billion expected Other Products revenue: $8.28 billion vs $8.39 billion expected Services revenue: $21.21 billion vs $20.76 billion expected Gross margin: 44.5% vs 44.2% expected Total revenue was down 1% year over year, driven by slowing sales for the iPhone, Mac, and iPad. Apple\u2019s sales in China jumped 8% year over year with CEO Tim Cook saying he\u2019s seeing \u201cdefinite acceleration\u201d in the market.\u00a0 The company reported $166.5 billion in cash on hand, up slightly from Q2. Apple did not provide guidance.\u00a0 Amazon Crushes Expectations Amazon (AMZN) shares are jumping 9% in premarket trade after crushing Q2 expectations and issuing strong guidance. Here\u2019s how the tech giant\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $0.65 vs $0.35 expected Revenue: $134.4 billion vs $131.5 billion expected Amazon Web Services revenue: $22.1 billion vs $21.8 billion expected Advertising revenue: $10.7 billion vs $10.4 billion expected Overall revenue jumped 11% year over year, marking a return to double-digit growth.\u00a0 Ad revenue soared 22% from a year ago. Amazon forecast Q3 revenue between $138 billion and $143 billion, implying growth of 9% to 13%.\u00a0 That topped analysts\u2019 estimates for $138.25 billion in revenue. Airbnb Bookings Slow Airbnb (ABNB) shares are falling 2.6% ahead of the open after reporting less bookings than expected in the second quarter.\u00a0 Here\u2019s how the vacation rental site\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $0.98 vs $0.78 expected Revenue: $2.48 billion vs $2.42 billion expected Revenue rose 18% year over year while gross bookings rose 12% to $19.1 billion vs $18.99 billion expected.\u00a0 But Airbnb reported 115.1 million nights and experiences booked during the quarter, less than 117.6 million expected.\u00a0 That marked 11% growth from a year ago, a slowdown from the 19% growth in Q1.\u00a0 Airbnb expected Q3 revenue between $3.3 billion and $3.4 billion, implying 14% to 18% growth. Nikola\u2019s Losses Narrow, CEO Steps Down Nikola (NKLA) shares are falling 11.6% in premarket trade after missing Q2 sales expectations and announcing its CEO is stepping down.\u00a0 Here\u2019s how the electric truckmaker\u2019s results compared to analysts\u2019 estimates:\u00a0 Loss per share: $0.20 vs $0.22 expected Revenue: $15.36 million vs $15.4 million expected The company said its CEO will step down effective immediately due to a \u201cfamily health matter\u201d. The current board chair will take over as CEO. The earnings report comes after Nikola won approval from shareholders on Thursday to issue new stock to raise more funds. Nikola delivered 45 battery-electric semitrucks to dealers during Q2 and dealers sold 66 of the trucks to customers, the company\u2019s best quarterly retail result to date. The company said it began production of its longer-range fuel-cell powered semitruck on July 31 with deliveries expected to begin in September.\u00a0 The company currently has 202 orders for those longer-range trucks from 18 fleet customers.<\/p>\n","protected":false},"author":41,"featured_media":69733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-69729","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\/69729","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=69729"}],"version-history":[{"count":3,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/69729\/revisions"}],"predecessor-version":[{"id":69738,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/69729\/revisions\/69738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/69733"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=69729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=69729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=69729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}