{"id":72869,"date":"2023-12-20T09:02:04","date_gmt":"2023-12-20T14:02:04","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=72869"},"modified":"2023-12-20T09:02:04","modified_gmt":"2023-12-20T14:02:04","slug":"coffee-with-greta-hovering-near-records","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/12\/20\/coffee-with-greta-hovering-near-records\/","title":{"rendered":"Coffee With Greta: Hovering Near Records"},"content":{"rendered":"

Register now<\/a><\/strong> for today's free pro trading Q&A on LinkedIn with T3 Trading Group's Patrick Hawe!<\/p>\n

DJIA Futures: <\/b>-59 (-0.2%)<\/span><\/p>\n

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

NASDAQ Futures: <\/b>-38 (-0.2%)<\/span><\/p>\n

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

Futures are sliding as the S&P 500 hovers near record territory.<\/span><\/p>\n

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

10-Year Yield Hits 5-Month Low<\/span><\/h2>\n

Treasury yields are continuing to fall this morning with the 10-year hitting its lowest level in nearly five months.<\/span><\/p>\n

The 10-year yield is down 6 basis points at 3.88% while the 2-year yield is down 7 basis points at 4.37%.\u00a0<\/span><\/p>\n

The 10-year hit a low of 3.87% earlier this morning, its lowest since July 27.\u00a0<\/span><\/p>\n

FedEx Tumbles On Earnings Miss, Weak Outlook<\/span><\/h2>\n

FedEx <\/b>(FDX) shares are dropping 11.2% ahead of the open after missing fiscal Q2 expectations and lowering its full-year outlook.\u00a0<\/span><\/p>\n

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

    \n
  • Adjusted EPS: $3.99 vs $4.18 expected<\/span><\/li>\n
  • Revenue: $22.17 billion vs $22.41 billion expected<\/span><\/li>\n<\/ul>\n

    Profit jumped 25% year over year while revenue fell 3%.\u00a0<\/span><\/p>\n

    FedEx credited its cost-cutting initiatives for the increase in profit.\u00a0<\/span><\/p>\n

    The company said it now expects a low-single-digit decline in revenue for the full-year down from its previous forecast for sales to be flat.\u00a0<\/span><\/p>\n

    FedEx maintained its full-year EPS guidance of $17.75.<\/span><\/p>\n

    General Mills Cuts Guidance After Revenue Miss\u00a0<\/span><\/h2>\n

    General Mills <\/b>(GIS) shares are falling 3.8% in premarket trade after reporting mixed fiscal Q2 results and lowering its full-year sales guidance.\u00a0<\/span><\/p>\n

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

      \n
    • Adjusted EPS: $1.25 vs $1.16 expected<\/span><\/li>\n
    • Revenue: $5.14 billion vs $5.35 billion expected<\/span><\/li>\n<\/ul>\n

      In North America, General Mills\u2019 foodservice net sales were flat, retail net sales fell 2% and net sales in the pet segment were down 4%.<\/span><\/p>\n

      International foodservice net sales jumped 2%.<\/span><\/p>\n

      The company now expects fiscal-year organic net sales to range between down 1% to flat, down from its previous outlook for 3% to 4% growth.\u00a0<\/span><\/p>\n

      General Mills said that lower outlook reflects \u201ca slower volume recovery in fiscal 2024.\u201d<\/span><\/p>\n

      Adjusted operating profit and adjusted diluted EPS are now expected to rise 4% to 5% vs 4% to 6% previously.<\/span><\/p>\n

      Mortgage Demand Slips<\/span><\/h2>\n

      Mortgage demand fell last week despite a continued decline in rates.\u00a0<\/span><\/p>\n

      The Mortgage Bankers Association reported purchase applications fell 1% weekly and 18% year over year.\u00a0<\/span><\/p>\n

      Refinance applications dropped 2% weekly but was 18% higher than the same week a year ago.\u00a0<\/span><\/p>\n

      The decrease came despite the average 30-year fixed contract rate falling to 6.83% from 7.07%.\u00a0<\/span><\/p>\n

      That was the lowest rate since June 2023.<\/span><\/p>\n

      The MBA said it expects the Fed\u2019s plans for rate cuts to be good news for the housing market.\u00a0<\/span><\/p>\n

      The group said, \u201cWe expect that this path for monetary policy should support further declines in mortgage rates, just in time for the spring housing market. We are forecasting modest growth in new and existing home sales in 2024, supporting growth in purchase originations.\u201d<\/span><\/p>\n

      In Case You Missed It<\/span><\/h2>\n
        \n
      • Affirm Holdings <\/b>(AFRM) shares rallied 15.5% on Tuesday after the company announced it is expanding its partnership with <\/span>Walmart <\/b>(WMT). Affirm\u2019s buy-now pay-later service will now be a payment option for shoppers at self-checkout kiosks in over 4,500 Walmart stores across the U.S. Shoppers will be able to pre-apply for credit through Affirm and then scan the barcode for that payment option at the self-checkout kiosks.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

        Register now for today’s free pro trading Q&A on LinkedIn with T3 Trading Group’s Patrick Hawe! DJIA Futures: -59 (-0.2%) SPX Futures: -8 (-0.2%) NASDAQ Futures: -38 (-0.2%) Good morning friends! Futures are sliding as the S&P 500 hovers near record territory. Let\u2019s get right to it! 10-Year Yield Hits 5-Month Low Treasury yields are continuing to fall this morning with the 10-year hitting its lowest level in nearly five months. The 10-year yield is down 6 basis points at 3.88% while the 2-year yield is down 7 basis points at 4.37%.\u00a0 The 10-year hit a low of 3.87% earlier this morning, its lowest since July 27.\u00a0 FedEx Tumbles On Earnings Miss, Weak Outlook FedEx (FDX) shares are dropping 11.2% ahead of the open after missing fiscal Q2 expectations and lowering its full-year outlook.\u00a0 Here\u2019s how the shipping giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $3.99 vs $4.18 expected Revenue: $22.17 billion vs $22.41 billion expected Profit jumped 25% year over year while revenue fell 3%.\u00a0 FedEx credited its cost-cutting initiatives for the increase in profit.\u00a0 The company said it now expects a low-single-digit decline in revenue for the full-year down from its previous forecast for sales to be flat.\u00a0 FedEx maintained its full-year EPS guidance of $17.75. General Mills Cuts Guidance After Revenue Miss\u00a0 General Mills (GIS) shares are falling 3.8% in premarket trade after reporting mixed fiscal Q2 results and lowering its full-year sales guidance.\u00a0 Here\u2019s how the cereal maker\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $1.25 vs $1.16 expected Revenue: $5.14 billion vs $5.35 billion expected In North America, General Mills\u2019 foodservice net sales were flat, retail net sales fell 2% and net sales in the pet segment were down 4%. International foodservice net sales jumped 2%. The company now expects fiscal-year organic net sales to range between down 1% to flat, down from its previous outlook for 3% to 4% growth.\u00a0 General Mills said that lower outlook reflects \u201ca slower volume recovery in fiscal 2024.\u201d Adjusted operating profit and adjusted diluted EPS are now expected to rise 4% to 5% vs 4% to 6% previously. Mortgage Demand Slips Mortgage demand fell last week despite a continued decline in rates.\u00a0 The Mortgage Bankers Association reported purchase applications fell 1% weekly and 18% year over year.\u00a0 Refinance applications dropped 2% weekly but was 18% higher than the same week a year ago.\u00a0 The decrease came despite the average 30-year fixed contract rate falling to 6.83% from 7.07%.\u00a0 That was the lowest rate since June 2023. The MBA said it expects the Fed\u2019s plans for rate cuts to be good news for the housing market.\u00a0 The group said, \u201cWe expect that this path for monetary policy should support further declines in mortgage rates, just in time for the spring housing market. We are forecasting modest growth in new and existing home sales in 2024, supporting growth in purchase originations.\u201d In Case You Missed It Affirm Holdings (AFRM) shares rallied 15.5% on Tuesday after the company announced it is expanding its partnership with Walmart (WMT). Affirm\u2019s buy-now pay-later service will now be a payment option for shoppers at self-checkout kiosks in over 4,500 Walmart stores across the U.S. Shoppers will be able to pre-apply for credit through Affirm and then scan the barcode for that payment option at the self-checkout kiosks.<\/p>\n","protected":false},"author":41,"featured_media":72882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-72869","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\/72869","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=72869"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72869\/revisions"}],"predecessor-version":[{"id":72885,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72869\/revisions\/72885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/72882"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=72869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=72869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=72869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}