{"id":547,"date":"2023-02-09T09:04:17","date_gmt":"2023-02-09T14:04:17","guid":{"rendered":"https:\/\/embarrdowns.com\/markets-retreat-as-fed-chairman-powell-speaks-cmg-ftnt-uber-googl-dis-and-cme-update\/"},"modified":"2023-02-09T09:04:17","modified_gmt":"2023-02-09T14:04:17","slug":"markets-retreat-as-fed-chairman-powell-speaks-cmg-ftnt-uber-googl-dis-and-cme-update","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/markets-retreat-as-fed-chairman-powell-speaks-cmg-ftnt-uber-googl-dis-and-cme-update\/","title":{"rendered":"Markets Retreat as Fed Chairman Powell Speaks; CMG, FTNT, UBER, GOOGL, DIS and CME Update"},"content":{"rendered":"

[0]<\/a><\/sup> The Dow Jones Industrial Average decreased by 0.6%, and the Russell 2000 declined by 1.4%.[1]<\/a><\/sup> Nasdaq Composite: 11,887.45, down 1%.<\/p>\n

Chipotle Mexican Grill (CMG) has seen a decrease of more than three percent in their stock price following the announcement of their fourth quarter comparable same-store sales growth of five point six percent, which is significantly lower than the predicted seven point four percent.[2]<\/a><\/sup> Shares of Fortinet (FTNT) surged over 12% in pre-market trading after the company predicted full-year revenue between $5.37 billion and $5.43 billion; surpassing the consensus estimate of $5.36 billion. Meanwhile, Uber Technologies (UBER)\u00a0climbed more than +6% in pre-market trading after reporting Q4 revenue of $8.61 billion, stronger than the consensus of $8.47 billion.[2]<\/a><\/sup><\/p>\n

On the earnings front, Cybersecurity firm Fortinet (FTNT) soared 10.9% in heavy volume, following a beat on its Q4 earnings per share and positive 2023 revenue guidance. Shares of Alphabet (GOOGL) experienced a 7.7% drop after an unfortunate incident occurred at its AI event, which was meant to showcase its new chatbot, Bard[3]<\/a><\/sup> The bot encountered an error during its initial presentation.[4]<\/a><\/sup> The stock dropped beneath its 200-day moving average, but regained stability at its 21-day line.[4]<\/a><\/sup> Walt Disney (DIS) rallied after solid earnings and announcing 7,000 job cuts as part of its transformation plan under Bob Iger.[5]<\/a><\/sup><\/p>\n

Jerome Powell, Chairman of the Federal Reserve, is set to give a speech at the Economic Club of Washington on Tuesday.[6]<\/a><\/sup> His comments suggest the Fed will likely raise the fed funds rate by a smaller quarter points each at the March and May meetings, although data will determine the final decision.[7]<\/a><\/sup> The yield on 10-year US treasury bonds decreased by 5 basis points to 3.58%.[1]<\/a><\/sup> [8]<\/a><\/sup> The Nasdaq 100 futures (NDX:IND) rose by 1.2%, S&P futures (SPX) increased by 0.7%, and Dow futures ([9]<\/a><\/sup><\/p>\n

The stock of CME Group rose<\/p>\n

0. <\/span>“Stocks Fall as Investors Keep Eye on Path of Interest Rates” The Wall Street Journal, 8 Feb. 2023, https:\/\/www.wsj.com\/articles\/global-stocks-markets-dow-update-02-08-2023-11675858404<\/a><\/a><\/p>\n

1. <\/span>“Futures Strong As Disney Jumps; Why This Rally Looks Healthy” Investor’s Business Daily, 9 Feb. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/dow-jones-futures-disney-jumps-why-this-market-pullback-looks-healthy\/<\/a><\/a><\/p>\n

2. <\/span>“Markets Today: Stocks Fall on Mixed Corporate Earnings Results” Barchart, 8 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14015987\/markets-today-stocks-fall-on-mixed-corporate-earnings-results<\/a><\/a><\/p>\n

3. <\/span>“Stocks Fall Back on Mixed Earnings and Higher Bond Yields” Barchart, 8 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14021624\/stocks-fall-back-on-mixed-earnings-and-higher-bond-yields<\/a><\/a><\/p>\n

4. <\/span>“Stock Market Closed Near Day’s Lows; Pure Barre Parent Gaps Down Sharply” Investor’s Business Daily, 8 Feb. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/stock-market-inches-up-from-lows-google-demo-causes-stocl-to-drop<\/a><\/a><\/p>\n

5. <\/span>“Nasdaq, S&P, Dow futures rally ahead of jobless claims” Seeking Alpha, 9 Feb. 2023, https:\/\/seekingalpha.com\/news\/3934080-nasdaq-sp500-dow-jones-stock-market<\/a><\/a><\/p>\n

6. <\/span>“Counter Moves, Powell’s Speech, Russia Deficit, Microsoft and Google’s AI Rumble” RealMoney, 7 Feb. 2023, https:\/\/realmoney.thestreet.com\/markets\/counter-moves-powell-s-speech-russia-deficit-microsoft-and-google-s-ai-rumble-16115359<\/a><\/a><\/p>\n

7. <\/span>“Nasdaq, S&P Futures Dip As Fed’s Data-Dependency Introduces Caution – Invesco QQQ Trust, Series 1 (NASDAQ” Benzinga, 8 Feb. 2023, https:\/\/www.benzinga.com\/news\/earnings\/23\/02\/30803509\/nasdaq-s-p-futures-dip-as-feds-data-dependency-introduces-caution-disney-earnings-on-tap<\/a><\/a><\/p>\n

8. <\/span>“Nasdaq, S&P, Dow futures rally ahead of jobless claims” msnNOW, 9 Feb. 2023, https:\/\/www.msn.com\/en-us\/money\/markets\/nasdaq-sandp-dow-futures-rally-ahead-of-jobless-claims\/ar-AA17hzYM<\/a><\/a><\/p>\n

9. <\/span>“Stock Market News Today: GOOG and Tech Selloff Lead Stocks Lower” TipRanks, 8 Feb. 2023, https:\/\/www.tipranks.com\/news\/stock-market-news-today-futures-slide-as-markets-reassess-powells-words<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

[0]<\/a><\/sup> The Dow Jones Industrial Average decreased by 0.6%, and the Russell 2000 declined by 1.4%.[1]<\/a><\/sup> Nasdaq Composite: 11,887.45, down 1%.<\/p>\n

Chipotle Mexican Grill (CMG) has seen a decrease of more than three percent in their stock price following the announcement of their fourth quarter comparable same-store sales growth of five point six percent, which is significantly lower than the predicted seven point four percent.[2]<\/a><\/sup> Shares of Fortinet (FTNT) surged over 12% in pre-market trading after the company predicted full-year revenue between $5.37 billion and $5.43 billion; surpassing the consensus estimate of $5.36 billion. Meanwhile, Uber Technologies (UBER)\u00a0climbed more than +6% in pre-market trading after reporting Q4 revenue of $8.61 billion, stronger than the consensus of $8.47 billion.[2]<\/a><\/sup><\/p>\n

On the earnings front, Cybersecurity firm Fortinet (FTNT) soared 10.9% in heavy volume, following a beat on its Q4 earnings per share and positive 2023 revenue guidance. Shares of Alphabet (GOOGL) experienced a 7.7% drop after an unfortunate incident occurred at its AI event, which was meant to showcase its new chatbot, Bard[3]<\/a><\/sup> The bot encountered an error during its initial presentation.[4]<\/a><\/sup> The stock dropped beneath its 200-day moving average, but regained stability at its 21-day line.[4]<\/a><\/sup> Walt Disney (DIS) rallied after solid earnings and announcing 7,000 job cuts as part of its transformation plan under Bob Iger.[5]<\/a><\/sup><\/p>\n

Jerome Powell, Chairman of the Federal Reserve, is set to give a speech at the Economic Club of Washington on Tuesday.[6]<\/a><\/sup> His comments suggest the Fed will likely raise the fed funds rate by a smaller quarter points each at the March and May meetings, although data will determine the final decision.[7]<\/a><\/sup> The yield on 10-year US treasury bonds decreased by 5 basis points to 3.58%.[1]<\/a><\/sup> [8]<\/a><\/sup> The Nasdaq 100 futures (NDX:IND) rose by 1.2%, S&P futures (SPX) increased by 0.7%, and Dow futures ([9]<\/a><\/sup><\/p>\n

The stock of CME Group rose<\/p>\n

0. <\/span>“Stocks Fall as Investors Keep Eye on Path of Interest Rates” The Wall Street Journal, 8 Feb. 2023, https:\/\/www.wsj.com\/articles\/global-stocks-markets-dow-update-02-08-2023-11675858404<\/a><\/a><\/p>\n

1. <\/span>“Futures Strong As Disney Jumps; Why This Rally Looks Healthy” Investor’s Business Daily, 9 Feb. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/dow-jones-futures-disney-jumps-why-this-market-pullback-looks-healthy\/<\/a><\/a><\/p>\n

2. <\/span>“Markets Today: Stocks Fall on Mixed Corporate Earnings Results” Barchart, 8 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14015987\/markets-today-stocks-fall-on-mixed-corporate-earnings-results<\/a><\/a><\/p>\n

3. <\/span>“Stocks Fall Back on Mixed Earnings and Higher Bond Yields” Barchart, 8 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14021624\/stocks-fall-back-on-mixed-earnings-and-higher-bond-yields<\/a><\/a><\/p>\n

4. <\/span>“Stock Market Closed Near Day’s Lows; Pure Barre Parent Gaps Down Sharply” Investor’s Business Daily, 8 Feb. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/stock-market-inches-up-from-lows-google-demo-causes-stocl-to-drop<\/a><\/a><\/p>\n

5. <\/span>“Nasdaq, S&P, Dow futures rally ahead of jobless claims” Seeking Alpha, 9 Feb. 2023, https:\/\/seekingalpha.com\/news\/3934080-nasdaq-sp500-dow-jones-stock-market<\/a><\/a><\/p>\n

6. <\/span>“Counter Moves, Powell’s Speech, Russia Deficit, Microsoft and Google’s AI Rumble” RealMoney, 7 Feb. 2023, https:\/\/realmoney.thestreet.com\/markets\/counter-moves-powell-s-speech-russia-deficit-microsoft-and-google-s-ai-rumble-16115359<\/a><\/a><\/p>\n

7. <\/span>“Nasdaq, S&P Futures Dip As Fed’s Data-Dependency Introduces Caution – Invesco QQQ Trust, Series 1 (NASDAQ” Benzinga, 8 Feb. 2023, https:\/\/www.benzinga.com\/news\/earnings\/23\/02\/30803509\/nasdaq-s-p-futures-dip-as-feds-data-dependency-introduces-caution-disney-earnings-on-tap<\/a><\/a><\/p>\n

8. <\/span>“Nasdaq, S&P, Dow futures rally ahead of jobless claims” msnNOW, 9 Feb. 2023, https:\/\/www.msn.com\/en-us\/money\/markets\/nasdaq-sandp-dow-futures-rally-ahead-of-jobless-claims\/ar-AA17hzYM<\/a><\/a><\/p>\n

9. <\/span>“Stock Market News Today: GOOG and Tech Selloff Lead Stocks Lower” TipRanks, 8 Feb. 2023, https:\/\/www.tipranks.com\/news\/stock-market-news-today-futures-slide-as-markets-reassess-powells-words<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":546,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/547"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=547"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/546"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}