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Coffee With Greta: Huge Week Kicks Off

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DJIA Futures: -18 (-0.1%)

SPX Futures: -0.25 (-0.01%)

NASDAQ Futures: +18 (+0.1%)

Good morning friends!

Futures are flat as traders begin a huge week. 

Let’s get right to it!

Key Week

This will be a major week for traders between the first Fed meeting of 2024, big tech earnings, and the January jobs report. 

Things kickoff with the December Job Openings and Labor Turnover Survey (JOLTS) plus January consumer confidence on Tuesday. 

Mega-cap tech companies also begin reporting earnings on Tuesday with Microsoft (MSFT), Alphabet (GOOGL), and Advanced Micro Devices (AMD) scheduled to report after the close. 

On Wednesday, traders will get ADP’s private employment report ahead of the open with the Fed rate decision and press conference at 2:00 p.m. ET. 

Thursday is another big earnings day with Apple (AAPL), Amazon (AMZN), and Meta Platforms (META) after-hours. 

Friday morning, the Labor Department releases the official January jobs report. 

Yields Fall

Treasury yields are lower this morning ahead of this week’s Fed meeting. 

The 10-year yield is down four basis points at 4.10%.

The central bank is expected to leave interest rates unchanged on Wednesday. 

But focus will be on the statement’s language about future rate cuts and on what Fed Chair Jerome Powell says about cuts in his press conference. 

CME Group’s FedWatch Tool shows just under 49% of traders anticipating the first cut at the March 20 meeting. 

Over 50% are betting on a cut at the May 1 meeting. 

iRobot Tumbles After Amazon Dumps Deal

iRobot (IRBT) shares are plunging 18.7% ahead of the open after Amazon (AMZN) terminated its planned acquisition of the vacuum-maker. 

The two companies said there was “no path to regulatory approval for the deal.”

iRobot also announced it will lay off 31% of its employees, impacting around 350 people. 

Its CEO and board chair also stepped down effective immediately. 

Amazon will pay iRobot a $94 million breakup fee. 

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