DJIA Futures: -110 (-0.3%)
SPX Futures: -15 (-0.3%)
NASDAQ Futures: -83 (-0.5%)
Good morning friends!
Futures are falling as traders await new inflation data on Thursday.
Let’s get right to it!
The U.S. economy expanded less than originally estimated in the fourth quarter.
The Commerce Department’s first revision shows GDP expanded at a 3.2% annual pace at the end of 2023 vs the first estimate of 3.3%.
Economists were expecting GDP to be unchanged.
Consumer spending was revised higher to 3.0% growth from 2.8%.
But business investment was weaker than originally reported.
Total spending rose 0.9% vs the 2.1% initial estimate.
Beyond Meat (BYND) shares are surging 63.6% ahead of the open after beating Q4 revenue expectations and detailing plans to cut costs this year.
Here’s how the faux meat company’s results compared to analysts’ estimates:
Revenue dropped 7.8% year over year while sales volume jumped 8%.
The CEO said Beyond Meat would “steeply reduce” operating expenses and cash use in 2024.
The company forecast full-year net revenue between $315 million and $345 million vs $343.8 million expected.
For the first quarter, Beyond expects revenue between $70 million and $75 million.
TJX Companies (TJX) shares are up 0.5% in premarket trade after beating Q4 expectations on the top and bottom line.
Here’s how the retailer’s results compared to analysts’ estimates:
Sales jumped 13% year over year during the key holiday quarter.
TJX forecast Q1 EPS between $0.84 and $0.86 vs $0.82 to $0.93 expected.
For the full year, the company expects EPS of $3.94 to $4.02 vs $3.88 to $4.40 expected.
Mortgage demand tumbled last week as rates remained above 7%.
The Mortgage Bankers Association reported total application volume dropped 5.6% from the previous week.
Purchase applications fell 5% weekly and 12% year over year.
Refinance applications dropped 7% weekly and 1% annually.
The drop came as the average 30-year fixed contract rate decreased to 7.04% from 7.06%, up about 0.25% compared to a year ago.
Rates have pushed further above 7% this week with Mortgage News Daily showing the average 30-year fixed at 7.16% as of Tuesday.