Morning Juice – US Session Prep

Morning, Traders!
It is Thursday the 1st of August, here are some things to look out for today.

Sentiment
US stocks were poised to extend their gains on Thursday after a dovish Federal Reserve and Meta Platforms Inc.’s sales beat fuelled a recovery for technology companies. The Bank of England cut interest rates from their 16-year high.

Gauges for Nasdaq 100 and S&P 500 futures contracts both rose after the main indexes posted their largest gains since February the previous session.
Meta’s beat contributed to the positive mood by demonstrating that investing in artificial intelligence can result in higher returns for investors. The stock rose more than 6% in premarket trading.

Jobless claims data are due later this morning, and July’s unemployment report tomorrow will provide additional insights into the state of the US labour market.

On Wednesday, the Fed indicated that officials intend to ease monetary policy next month unless inflation progress stalls.

Docket
08:30 ET
US Weekly Jobless Claims
Initial Claims – Median Forecast: 236k | Prfior: 235k | Range: 245k / 220k
Continued Claims – Median Forecast: 1.855M | Prior: 1.851M | Range: 1.875M / 1.8M

US Q2 Productivity Prelim
Median Forecast: 1.8% | prior: 0.2% | Range: 2.8% / 0.2%

US Q2 Unit Labor Costs Prelim
Median Forecast: 1.7% | Prior: 4% | Range: 3.5% / 0%

09:45 ET
US S&P Manufacturing PMI July Final
Median Forecast: 49.6 | Prior: 49.5 | Range: 51.6 / 49.5

10:00 ET
US ISM Manufacturing PMI for July
Median Forecast: 48.8 | Prior: 48.5 | Range: 50.5 / 47.7

11:30 ET
US sells $90 bln 4-Week Bills

Speakers
12:00 ET
Bank of England Chief Economist Pill does a virtual Q&A after the latest UK interest rate decision.

Earnings
16:00 ET
Amazon Q2 2024 Earnings
Est. EPS: $1.02
Est. Rev: $148.78B

Intel Q2 2024 Earnings
Est. EPS: 10c
Est. Rev: $12.95B

16:30 ET
Apple Q3 2024 Earnings
Est. EPS: $1.35
Est. Rev: $84.46B

Good luck!