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Good Morning! 👋
Happy Wednesday! Let’s see what is moving markets:
👉 Jerome Powell heads to the Hill
👉 CrowdStrike earnings are in
👉 Bad news for Nordstrom
FED: Jerome Powell
Jerome Powell is heading to Capitol Hill to talk to Congress about the Fed's plans for handling the economy, including when they might lower interest rates. The Fed is being more careful now, and Powell needs to explain things clearly without making investors worry.
He will discuss inflation and interest rates, with everyone looking to see if the Fed will reduce rates soon. The situation is tricky because the stock market is sensitive, and there are concerns about jobs and too much money in risky investments. Powell also faces political pressure to lower rates during an election year. His testimony will be important for understanding the Fed's next steps in a complex economic and political environment.
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CROWDSTRIKE: Earnings Are In
CrowdStrike's stock jumped up to 21% after it reported better earnings and revenue than expected. The company also gave a positive outlook for future earnings. In the last quarter, CrowdStrike made a profit of $54 million, compared to a loss the year before. It has been profitable for four quarters in a row and saw its yearly revenue increase by 36% to $3 billion.
CrowdStrike plans to buy Flow Security, continuing its recent focus on mergers and acquisitions. The company aims to be a leading name in cybersecurity. For the next quarter, CrowdStrike expects to earn more revenue and profits than analysts predicted
The company is also working towards a goal of $10 billion in annual revenue by 2030 and has recently reached $3.4 billion in recurring revenue.
NORDSTROM: Not Good
Nordstrom's holiday sales were better than expected, but its future looks uncertain, causing its stock to fall by 10%. The company aims to grow by opening more Nordstrom Rack stores and boosting online sales.
However, it expects little change in its revenue for the year, with earnings per share possibly improving from last year. Challenges include cautious spending by customers, struggles at Nordstrom Rack, and inventory issues. Despite this, Nordstrom plans to expand its product range online and focus on sales growth with an emphasis on Nordstrom Rack.
Headlines You Need To Know: 🎙
Chart of the Day
📊 Total Credit Card Debt
Source: CNBC
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