{"id":73936,"date":"2024-03-07T09:07:36","date_gmt":"2024-03-07T14:07:36","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=73936"},"modified":"2024-03-07T09:07:36","modified_gmt":"2024-03-07T14:07:36","slug":"coffee-with-greta-rebound-continues","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2024\/03\/07\/coffee-with-greta-rebound-continues\/","title":{"rendered":"Coffee With Greta: Rebound Continues"},"content":{"rendered":"

DJIA Futures: <\/b>+89 (+0.2%)<\/span><\/p>\n

SPX Futures: <\/b>+21 (+0.4%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+105 (+0.6%)<\/span><\/p>\n

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

Futures are higher, continuing Wednesday\u2019s rebound.\u00a0<\/span><\/p>\n

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

Fed Chair Testimony Day 2<\/span><\/h2>\n

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

Today\u2019s comments are expected to be similar to Wednesday\u2019s testimony in the House.\u00a0<\/span><\/p>\n

Powell told the House Financial Services Committee that he believes the bank will cut rates this year but they first need more evidence to start cuts.\u00a0<\/span><\/p>\n

He did not express concern about the pace of inflation, saying \u201cit has eased notably over the past year\u201d.<\/span><\/p>\n

Powell said cutting rates too soon could \u201cresult in a reversal of progress\u201d against inflation while cutting \u201ctoo late or too little\u201d could weaken the economy and hiring.\u00a0<\/span><\/p>\n

CME Group\u2019s FedWatch Tool shows traders expecting the first rate cut at the Fed\u2019s June meeting.\u00a0<\/span><\/p>\n

Weekly Jobless Claims Unchanged<\/span><\/h2>\n

Weekly jobless claims were unchanged last week as the labor market maintains strength.\u00a0<\/span><\/p>\n

The Labor Department reported 217,000 Americans filed initial claims for unemployment benefits.\u00a0<\/span><\/p>\n

That was unchanged from the week before and in line with expectations.\u00a0<\/span><\/p>\n

Continuing claims rose by 8,000 to 1.906 million vs 1.88 million expected in the week ending February 24.<\/span><\/p>\n

Trade Deficit Widens<\/span><\/h2>\n

The U.S. trade deficit widened more than expected in January.\u00a0<\/span><\/p>\n

The Commerce Department reported the gap jumped 5.1% at the beginning of the year to $67.4 billion.\u00a0<\/span><\/p>\n

It was the largest deficit in nine months and higher than $63.4 billion expected.\u00a0<\/span><\/p>\n

Exports totaled $257.2 billion in January while imports totaled $324.6 billion.<\/span><\/p>\n

The deficit decreased 4.1% compared to January 2023.<\/span><\/p>\n

Kroger Jumps On Earnings Beat<\/span><\/h2>\n

Kroger <\/b>(KR) shares are up 4.5% ahead of the open after beating Q4 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

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

    \n
  • Adjusted EPS: $1.34 vs $1.13 expected<\/span><\/li>\n
  • Revenue: $37.1 billion vs $37 billion expected<\/span><\/li>\n<\/ul>\n

    The company said lower supply-chain costs helped offset lost inventory due to increased theft during the quarter.\u00a0<\/span><\/p>\n

    For the current fiscal year, Kroger forecast adjusted EPS between $4.30 and $4.50 vs $4.30 expected.\u00a0<\/span><\/p>\n

    In Case You Missed It<\/span><\/h2>\n
      \n
    • There were fewer job openings than expected in January. The Labor Department\u2019s job openings and labor turnover survey shows the number of available jobs fell by 26,000 to 8.863 million vs 8.9 million expected. There were 1.45 jobs available for every unemployed person, up from 1.42 in December. Hirings slowed by 100,000 to 5.867 million while quits decreased by 54,000 to 3.385 million. That was the lowest quits rate in three and a half years.\u00a0<\/span><\/li>\n
    • New York Community Bancorp <\/b>(NYCB) shares surged on Wednesday after announcing a new capital raise and leadership shakeup. The bank said it has agreed to a deal with Liberty Strategic Capital, Hudson Bay Capital, and Reverence Capital Partners to raise $1 billion in capital. Former Treasury Secretary Steven Mnuchin, head of Liberty Strategic Capital, will also be one of four new members to join NYCB\u2019s board of directors. <\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      DJIA Futures: +89 (+0.2%) SPX Futures: +21 (+0.4%) NASDAQ Futures: +105 (+0.6%) Good morning friends! Futures are higher, continuing Wednesday\u2019s rebound.\u00a0 Let\u2019s get right to it! Fed Chair Testimony Day 2 Fed Chair Jerome Powell will testify in the Senate Banking Committee today for day two of his Semi-Annual Monetary Policy Report to Congress.\u00a0 Today\u2019s comments are expected to be similar to Wednesday\u2019s testimony in the House.\u00a0 Powell told the House Financial Services Committee that he believes the bank will cut rates this year but they first need more evidence to start cuts.\u00a0 He did not express concern about the pace of inflation, saying \u201cit has eased notably over the past year\u201d. Powell said cutting rates too soon could \u201cresult in a reversal of progress\u201d against inflation while cutting \u201ctoo late or too little\u201d could weaken the economy and hiring.\u00a0 CME Group\u2019s FedWatch Tool shows traders expecting the first rate cut at the Fed\u2019s June meeting.\u00a0 Weekly Jobless Claims Unchanged Weekly jobless claims were unchanged last week as the labor market maintains strength.\u00a0 The Labor Department reported 217,000 Americans filed initial claims for unemployment benefits.\u00a0 That was unchanged from the week before and in line with expectations.\u00a0 Continuing claims rose by 8,000 to 1.906 million vs 1.88 million expected in the week ending February 24. Trade Deficit Widens The U.S. trade deficit widened more than expected in January.\u00a0 The Commerce Department reported the gap jumped 5.1% at the beginning of the year to $67.4 billion.\u00a0 It was the largest deficit in nine months and higher than $63.4 billion expected.\u00a0 Exports totaled $257.2 billion in January while imports totaled $324.6 billion. The deficit decreased 4.1% compared to January 2023. Kroger Jumps On Earnings Beat Kroger (KR) shares are up 4.5% ahead of the open after beating Q4 expectations on the top and bottom line.\u00a0 Here\u2019s how the grocery operator\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $1.34 vs $1.13 expected Revenue: $37.1 billion vs $37 billion expected The company said lower supply-chain costs helped offset lost inventory due to increased theft during the quarter.\u00a0 For the current fiscal year, Kroger forecast adjusted EPS between $4.30 and $4.50 vs $4.30 expected.\u00a0 In Case You Missed It There were fewer job openings than expected in January. The Labor Department\u2019s job openings and labor turnover survey shows the number of available jobs fell by 26,000 to 8.863 million vs 8.9 million expected. There were 1.45 jobs available for every unemployed person, up from 1.42 in December. Hirings slowed by 100,000 to 5.867 million while quits decreased by 54,000 to 3.385 million. That was the lowest quits rate in three and a half years.\u00a0 New York Community Bancorp (NYCB) shares surged on Wednesday after announcing a new capital raise and leadership shakeup. The bank said it has agreed to a deal with Liberty Strategic Capital, Hudson Bay Capital, and Reverence Capital Partners to raise $1 billion in capital. Former Treasury Secretary Steven Mnuchin, head of Liberty Strategic Capital, will also be one of four new members to join NYCB\u2019s board of directors.<\/p>\n","protected":false},"author":41,"featured_media":73940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-73936","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\/73936","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=73936"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/73936\/revisions"}],"predecessor-version":[{"id":73942,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/73936\/revisions\/73942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/73940"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=73936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=73936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=73936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}