Morning Juice – US Session Prep

Morning, Traders!
It is Wednesday the 3rd of July, here are some things to look out for.

Sentiment
European stocks rose, tracking a record S&P 500 close, on expectations of US interest rate cuts following Federal Reserve Chair Jerome Powell’s statement that inflation is returning to a downward trend.

US equity futures held steady ahead of a session that will be shorter than usual due to the July 4th holiday.
The S&P 500 closed above 5,500 for the first time on Tuesday, marking the 32nd record of the year.
The Nasdaq 100 also reached an all-time high with its first close above 20,000.

NYSE and NASDAQ exchanges close at 13:00 ET today, and the bond markets close at 14:00 ET, ahead of US Independence day tomorrow.

Docket
08:15 ET
US ADP Employment Change for June
Median Forecast: 165k | Prior: 152k | Range: 195K / 100K

08:30 ET
US Weekly Jobless Claims
Initial Claims – Median Forecast: 235K | Prior: 233K | Range: 242K / 225K
Continued Claims – Median Forecast: 1.841M | Prior: 1.839M | Range: 1.85M / 1.825M

US Trade Balance for May
Median Forecast: -$76.5B | Prior: -$74.6B | Range: -$70.3B / -$78.2b

Canadian Trade Balance for May
Median Forecast: -CA$1.27B | Prior: -CA$1.05B | Range -CA$0.4B / -CA$1.75B

09:45 ET
US S&P Services PMI June Final
Median Forecast: 55 | Prior: 55.1 | Range: 55.3 / 52.3

10:00 ET
US ISM Services PMI for June
Median Forecast: 52.6 | Prior: 53.8 | Range: 55.5 / 51.5

US Factory Orders for May
Median Forecast: 0.2% | Prior: 0.7% | Range: 0.6% / -0.8%

10:30 ET
US Weekly EIA Crude Oil Inventories
Median Forecast: -0.55M | Prior: 3.591M | Range: 3.051M / -3M

11:30 ET
US sells $85 bln 4-Week Bills

14:00 ET
FOMC Meeting Minutes June Meeting

Speakers
09:30 ET
ECB’s Knot speaks in Sintra at the ECB Conference.

10:15 ET
ECB President Lagarde gives closing remarks at the Sintra ECB forum.
Watch Live

Good luck!