{"id":72898,"date":"2023-12-22T09:08:23","date_gmt":"2023-12-22T14:08:23","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=72898"},"modified":"2023-12-22T09:08:23","modified_gmt":"2023-12-22T14:08:23","slug":"coffee-with-greta-will-santa-visit-wall-street-2","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/12\/22\/coffee-with-greta-will-santa-visit-wall-street-2\/","title":{"rendered":"Coffee With Greta: Will Santa Visit Wall Street?"},"content":{"rendered":"

Register now<\/a><\/strong> for next week's free pro trading Q&A on LinkedIn with T3 Trading Group's Josh Lefler!<\/p>\n

DJIA Futures: <\/b>-60 (-0.2%)<\/span><\/p>\n

SPX Futures:<\/b> +11 (+0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+44 (+0.3%)<\/span><\/p>\n

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

Futures are mixed after the release of better-than-expected inflation data as <\/span>Nike <\/b>(NKE) weighs on the Dow.<\/span><\/p>\n

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

Two Months Of Gains<\/span><\/h2>\n

The major indexes are all on track to close out this week higher, marking the 8th positive week in a row.\u00a0<\/span><\/p>\n

That\u2019s the longest win streak for the <\/span>S&P 500 <\/b>since 2017 and for the <\/span>Dow <\/b>since 2019.\u00a0<\/span><\/p>\n

So far, the S&P is up 0.58% this week, the Dow has gained 0.27%, and the <\/span>Nasdaq <\/b>is up 1%.\u00a0<\/span><\/p>\n

The small-cap <\/span>Russell 2000<\/b> is also on track for its sixth straight positive week.<\/span><\/p>\n

PCE Price Index Comes In Light<\/span><\/h2>\n

The Fed\u2019s preferred inflation gauge rose less than expected in November.\u00a0<\/span><\/p>\n

The personal consumption expenditures price index fell 0.1% monthly and rose 2.6% year over year.\u00a0<\/span><\/p>\n

That was better than expectations for a 2.8% annual increase and marked the lowest level of inflation since March 2021.\u00a0<\/span><\/p>\n

It was also the first monthly decrease in the headline number since 2020.<\/span><\/p>\n

The core PCE price index rose 0.1% monthly and 3.2% annually.<\/span><\/p>\n

That was also lower than expectations for a 3.3% annual increase and the lowest since early 2021.<\/span><\/p>\n

Consumer Spending Weak<\/span><\/h2>\n

Consumer activity was weaker than expected in November.\u00a0<\/span><\/p>\n

The Bureau of Economic Analysis reported consumer spending rose 0.2% last month vs 0.3% expected.\u00a0<\/span><\/p>\n

The data shows consumers spent more on housing, utilities, dining out, and hotel stays last month.\u00a0<\/span><\/p>\n

But they spent less on gasoline as prices fell.\u00a0<\/span><\/p>\n

Personal incomes rose 0.4%, topping expectations for 0.2% and outpacing inflation.<\/span><\/p>\n

Nike Tumbles After Slashing Guidance<\/span><\/h2>\n

Nike <\/b>(NKE) shares are dropping 11.7% ahead of the open after reporting mixed fiscal Q2 results and slashing its full-year guidance.\u00a0<\/span><\/p>\n

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

    \n
  • EPS: $1.03 vs $0.85 expected<\/span><\/li>\n
  • Revenue: $13.39 billion vs $13.43 billion expected<\/span><\/li>\n<\/ul>\n

    Sales rose about 1% year over year.\u00a0<\/span><\/p>\n

    Nike\u2019s gross margin increased by 1.7% to 44.6% as the company continued work to lower its inventories.\u00a0<\/span><\/p>\n

    Inventories were down 14% during the quarter.<\/span><\/p>\n

    The company now expects full-year revenue growth of 1% and gross margins to expand between 1.4% and 1.6%.\u00a0<\/span><\/p>\n

    Nike said it expects revenue growth in the current quarter to be slightly negative.<\/span><\/p>\n

    The CFO said, \u201cLast quarter as I provided guidance, I highlighted a number of risks in our operating environment, including the effects of a stronger U.S. dollar on foreign currency translation, consumer demand over the holiday season and our second half wholesale order books. Looking forward, the impact of these risks is becoming clearer.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    Register now for next week’s free pro trading Q&A on LinkedIn with T3 Trading Group’s Josh Lefler! DJIA Futures: -60 (-0.2%) SPX Futures: +11 (+0.2%) NASDAQ Futures: +44 (+0.3%) Good morning friends! Futures are mixed after the release of better-than-expected inflation data as Nike (NKE) weighs on the Dow. Let\u2019s get right to it! Two Months Of Gains The major indexes are all on track to close out this week higher, marking the 8th positive week in a row.\u00a0 That\u2019s the longest win streak for the S&P 500 since 2017 and for the Dow since 2019.\u00a0 So far, the S&P is up 0.58% this week, the Dow has gained 0.27%, and the Nasdaq is up 1%.\u00a0 The small-cap Russell 2000 is also on track for its sixth straight positive week. PCE Price Index Comes In Light The Fed\u2019s preferred inflation gauge rose less than expected in November.\u00a0 The personal consumption expenditures price index fell 0.1% monthly and rose 2.6% year over year.\u00a0 That was better than expectations for a 2.8% annual increase and marked the lowest level of inflation since March 2021.\u00a0 It was also the first monthly decrease in the headline number since 2020. The core PCE price index rose 0.1% monthly and 3.2% annually. That was also lower than expectations for a 3.3% annual increase and the lowest since early 2021. Consumer Spending Weak Consumer activity was weaker than expected in November.\u00a0 The Bureau of Economic Analysis reported consumer spending rose 0.2% last month vs 0.3% expected.\u00a0 The data shows consumers spent more on housing, utilities, dining out, and hotel stays last month.\u00a0 But they spent less on gasoline as prices fell.\u00a0 Personal incomes rose 0.4%, topping expectations for 0.2% and outpacing inflation. Nike Tumbles After Slashing Guidance Nike (NKE) shares are dropping 11.7% ahead of the open after reporting mixed fiscal Q2 results and slashing its full-year guidance.\u00a0 Here\u2019s how the sneaker giant\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $1.03 vs $0.85 expected Revenue: $13.39 billion vs $13.43 billion expected Sales rose about 1% year over year.\u00a0 Nike\u2019s gross margin increased by 1.7% to 44.6% as the company continued work to lower its inventories.\u00a0 Inventories were down 14% during the quarter. The company now expects full-year revenue growth of 1% and gross margins to expand between 1.4% and 1.6%.\u00a0 Nike said it expects revenue growth in the current quarter to be slightly negative. The CFO said, \u201cLast quarter as I provided guidance, I highlighted a number of risks in our operating environment, including the effects of a stronger U.S. dollar on foreign currency translation, consumer demand over the holiday season and our second half wholesale order books. Looking forward, the impact of these risks is becoming clearer.\u201d<\/p>\n","protected":false},"author":41,"featured_media":72912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-72898","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\/72898","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=72898"}],"version-history":[{"count":3,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72898\/revisions"}],"predecessor-version":[{"id":72915,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72898\/revisions\/72915"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/72912"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=72898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=72898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=72898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}