Morning Juice – US Session Prep

Morning, Traders!
It is Wednesday the 4th of September, here are some things to look out for today.

Sentiment
US stock futures pointed to a weaker opening on Wall Street as traders waited for data on job openings to guide their economic outlook.

Contracts for the S&P 500 fell 0.4%, indicating that the decline may slow after yesterday’s 2.1% selloff.
Nvidia fell 1.6% in pre-market trading.
Losses in Europe and Asia were greater, with traders still alarmed by the speed and severity of the US retreat.
The VIX Index rose above 22, while the dollar fell for the first time in six days.

A US job openings report due today is expected to show further cooling in the labor market, following data released yesterday showing a fifth consecutive month of contraction in manufacturing activity.
As the market’s attention shifts from inflation to concerns about economic growth, negative macro data is causing problems for stocks and other risk assets.

Docket
08:30 ET
US Trade Balance for July
Median Forecast: -$79B | Prior: -$73.1B | Range: -$72.3B / -$81.9B

09:45 ET
BoC Rate Decision
Median forecast sees a 25 bps cut to 4.25% from 4.5%

10:00 ET
US JOLTS Job Openings for July
Median Forecast: 8.1M | Prior: 8.184M | Range: 7.8M / 8.3M

US Factory Order MoM for July
Median Forecast: 4.8% | Prior: -3.3% | Range: 5.5% / 2.2%

14:00 ET
Fed’s Beige Book

Speakers
10:30 ET
BoC Press Conference with Governor Macklem

Good luck!