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Good morning friends!
Futures are rising as traders await the Fed Chair’s speech at Jackson Hole.
Let’s get right to it!
Fed Chair Jerome Powell is set to deliver the opening speech at the bank’s Jackson Hole Symposium today.
The market is closely watching this speech for clues about the Fed’s future plans for interest rates.
In his speech last year, Powell warned economic “pain” was ahead for U.S. households as the bank continued to tighten.
His speech will begin just after 10:00 a.m. ET.
Nordstrom (JNW) shares are down 1.3% ahead of the open after beating Q2 expectations but maintaining its full-year outlook.
Here’s how the department store’s results compared to analysts’ estimates:
Total revenue dropped 8% year over year with digital sales tumbling 13%.
But the CEO said Nordstrom Rack sales have been on “a steady upward trajectory throughout this year.”
Nordstrom still expects revenue to fall between 4% and 6% this fiscal year with adjusted EPS between $1.80 and $2.20.
Gap Inc (GPS) shares are rising 1.7% in premarket trade after reporting mixed Q2 results.
Here’s how the clothing retailer’s results compared to analysts’ estimates:
Gap’s total sales dropped 8% year over year with same-store sales falling 6% vs a 4.4% decline expected.
Gap’s namesake sales fell 14%, Banana Republic sales were down 11%, Old Navy sales declined 6%, and Athleta sales fell 1%.
The company expects Q3 net sales to decrease year over year in the low double-digit range vs analysts’ expectations for a 6.8% decline.
Affirm (AFRM) shares are up 6.1% ahead of the open after beating fiscal Q4 expectations.
Here’s how the buy-now pay-later company’s results compared to analysts’ estimates:
Revenue jumped 22% year over year.
Affirm’s funding capacity increased by $300 million from the previous quarter and the company said the share of credit overdue by 30 days fell by 0.3% to 2.3%.
The company forecast fiscal Q1 revenue between $430 million and $455 million.
AMC Entertainment (AMC) shares are up 0.8% in premarket trade ahead of the anticipated stock conversion at the open.
The gains come after AMC tumbled 26.7% on Thursday.
The company’s preferred equity units or APE shares are set to be converted into common stock at the open.
AMC is also planning a 10-to-1 reverse stock split next week.
After the conversion and split, the company’s authorized share count will increase to 550 million from 52.5 million.