Powell’s Testimony
S&P 500 futures fell 18 points, Nasdaq 100 futures 99 points, and Dow futures 117 points.
Costco, Kroger Earnings
Costco and Kroger are expected to report ebbing quarterly corporate earnings on Thursday. Costco’s growth is attributed to cost-conscious clients’ need for lower groceries amid rising inflation and borrowing expenses. The retailer reported higher sales of fresh food and sundries in December.
Kroger cut its sales forecast due to slower grocery pricing and decreased customer spending. The Ohio-based grocery operator has announced additional deals to counterbalance these trends. CFO Gary Millerchip warned that unit volume growth has not improved at the expected pace. Markets will also watch Kroger’s comments on its $24.6 billion takeover of Albertsons, which U.S. trade officials filed to prohibit.
NYCB receives funding
New York Community Bancorp (NYCB) has secured $1 billion in cash from investors, including former U.S. Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital, Reverance capital Partners, Citadel Global Equities, and Hudson Bay Capital, following an erratic session. Shares settled in the green following the announcement.
NYCB’s stock price dropped 45% before an announcement, spiked 30%, and closed over 7% higher. Since Jan. 31, the bank has faced significant pressure due to unexpected losses in the fourth quarter due to higher provisions and concerns over material weaknesses in its financial report controls.
Higher Chinese exports and imports data
China’s trade surplus in January-February 2024 exceeded expectations, reaching $125.16 billion, exceeding expectations of $110.30 billion. The surplus grew from $75.34 billion in December. Exports rose 7.1% year-over-year, while imports surged 3.5%, exceeding 1.5% expectations. This growth was attributed to resilient export demand and rising holiday expenditure on imports.
Economic Calendar
- 7:30 Challenger Job-Cut Report
- 8:30 International Trade in Goods and Services
- 8:30 Initial Jobless Claims
- 8:30 Productivity and Costs
- 10:00 Jerome Powell Speech
- 10:30 EIA Natural Gas Inventory
- 11:30 Fed’s Mester Speech
- 3:00 PM Consumer Credit
- 4:30 PM Fed Balance Sheet
Other Key Events:
- BMO Capital 19th Annual Real Estate Conference, 3/7-3/9, in New York
- Goldman Sachs Annual Disruptive Technology Symposium, 3/6-3/7, in London
- Morgan Stanley Energy & Power Conference, 3/4-3/7 in New York
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