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Coffee With Greta: Record Territory


DJIA Futures: +35 (+0.1%)

SPX Futures: -3 (-0.1%)

NASDAQ Futures: -60 (-0.3%)

Good morning friends!

Futures are mixed after the S&P 500 closed at a new record high on Tuesday. 

Let’s get right to it!

S&P Notches Fresh Record

The S&P 500 notched a new record close on Tuesday as the market bounced back from recent weakness. 

The blue-chip index rose 1.1% to close at 5,175.27.

The rally came after inflation data was relatively in line with expectations, keeping the market’s hopes alive for a rate cut in June. 

Nvidia (NVDA) remained the market leader on Tuesday with the stock surging 7.2% to $919.13 at the close. 

Dollar Tree Drops On Disappointing Earnings

Dollar Tree (DLTR) shares are down 8% ahead of the open after missing Q4 expectations on the top and bottom line. 

Here’s how the discount retailer’s results compared to analysts’ estimates: 

  • Adjusted EPS: $2.55 vs $2.66 expected
  • Revenue: $8.63 billion vs $8.67 billion expected

The company also said it plans to close 600 Family Dollar locations in the first half of this year plus an additional 370 Family Dollar and 30 Dollar Tree stores over the next several years.

Same-store sales across both store brands increased 3% year over year last quarter vs 2.8% expected. 

But Family Dollar same-store sales dropped 1.2% vs the 0.5% decline expected. 

Dollar Tree forecast Q1 EPS between $1.33 and $1.48 vs $1.70 expected. 

For the full year, the company expects EPS between $6.70 and $7.30 vs $7.04 expected. 

Bitcoin Continues Record Climb

Crypto-related stocks are climbing in premarket trade as bitcoin climbs to a fresh record-high. 

MicroStrategy (MSTR) shares are up 3.7%, Riot Platforms (RIOT) shares are 1.1% higher, and Marathon Digital (MARA) shares are up 0.3% higher.

Bitcoin is currently above $73,000 after climbing above that mark for the first time ever earlier this morning. 

The coin has been on a massive rally in recent weeks.

Mortgage Demand Rises

Mortgage demand jumped again last week as rates fell below 7%. 

The Mortgage Bankers Association reported total application volume rose 7.1% from the previous week. 

Purchase applications rose 5% weekly but were still down 11% year over year. 

Refinance applications jumped 12% weekly and 5% annually. 

The increase came as the average 30-year fixed contract rate decreased to 6.84% from 7.02%. 

Rates have moved higher this week with the latest quote from Mortgage News Daily showing an average of 6.94%.

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