We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Pre-Markets Mixed Ahead of Next Fed Chair Powell Speech
Read MoreHide Full Article
Tuesday, February 7th, 2023
Pre-market futures are mixed this morning, looking for opportunities to catch a big higher after two straight down-sessions. We expect the biggest impact on the day’s trading to come during or following Fed Chair Jay Powell’s speech at the Economic Club of Washington mid-day today. The Dow is currently -100 points, but the S&P 500 and Nasdaq are -5 and +10 points, respectively.
Powell’s engagement comes nearly a week after the Fed’s latest interest rate tightening, +25 bps to a current range of 4.50-4.75%. This decision came out a couple days before nonfarm payrolls for the month of January posted a nearly 3x beat over expectations, to +517K new jobs created last month, with an Unemployment Rate sinking to more than a half-century low, 3.4%. Might we expect the Fed Chair to speak a bit more harshly on these conditions, inflationary as they potentially are?
As we mentioned yesterday, this week does not appear to have the same market impact as last week — or next week, with its CPI, PPI and housing numbers throughout — but it does have a couple other events worth mentioning: aside from Fed Chair Powell speaking, Vice Chair Michael Barr also makes an appearance this afternoon. And Consumer Credit for December is expected to come down slightly to $26 billion from $28 billion previously.
This morning, we saw the December International Trade Deficit moderate somewhat, to -$67.4 billion from an expected -$68.5 billion. This follows the November print which was revised from -$61.5 billion to -$61.1 billion this morning. Technically, these are better numbers, but we’re still in a deep hole historically with our trade balance, which comes as a shock to no one.
BP (BP - Free Report) reported Q4 earnings this morning, posting an earnings miss for the first time in eight quarters this morning: $1.59 per American Depositary Share (ADS) versus $1.65 expected, though up notably from the year-ago quarter’s $1.23 per ADS. Revenues, on the other hand, jumped notably to $70.36 billion from $59.51 billion anticipated, and $52.24 billion reported in the year-ago quarter. A +10% share buyback increase to $7.75 billion was also announced. For more on BP’s earnings, click here.
Image: Shutterstock
Pre-Markets Mixed Ahead of Next Fed Chair Powell Speech
Tuesday, February 7th, 2023
Pre-market futures are mixed this morning, looking for opportunities to catch a big higher after two straight down-sessions. We expect the biggest impact on the day’s trading to come during or following Fed Chair Jay Powell’s speech at the Economic Club of Washington mid-day today. The Dow is currently -100 points, but the S&P 500 and Nasdaq are -5 and +10 points, respectively.
Powell’s engagement comes nearly a week after the Fed’s latest interest rate tightening, +25 bps to a current range of 4.50-4.75%. This decision came out a couple days before nonfarm payrolls for the month of January posted a nearly 3x beat over expectations, to +517K new jobs created last month, with an Unemployment Rate sinking to more than a half-century low, 3.4%. Might we expect the Fed Chair to speak a bit more harshly on these conditions, inflationary as they potentially are?
As we mentioned yesterday, this week does not appear to have the same market impact as last week — or next week, with its CPI, PPI and housing numbers throughout — but it does have a couple other events worth mentioning: aside from Fed Chair Powell speaking, Vice Chair Michael Barr also makes an appearance this afternoon. And Consumer Credit for December is expected to come down slightly to $26 billion from $28 billion previously.
This morning, we saw the December International Trade Deficit moderate somewhat, to -$67.4 billion from an expected -$68.5 billion. This follows the November print which was revised from -$61.5 billion to -$61.1 billion this morning. Technically, these are better numbers, but we’re still in a deep hole historically with our trade balance, which comes as a shock to no one.
BP (BP - Free Report) reported Q4 earnings this morning, posting an earnings miss for the first time in eight quarters this morning: $1.59 per American Depositary Share (ADS) versus $1.65 expected, though up notably from the year-ago quarter’s $1.23 per ADS. Revenues, on the other hand, jumped notably to $70.36 billion from $59.51 billion anticipated, and $52.24 billion reported in the year-ago quarter. A +10% share buyback increase to $7.75 billion was also announced. For more on BP’s earnings, click here.
Questions or comments about this article and/or its author? Click here>>