Morning Juice – US Session Prep

Morning, Traders!
It is Thursday the 2nd of January, the first trading day of 2025.
Here are some things to look out for today.

Sentiment
US equity futures rose on optimism about technology stocks, indicating that Wall Street is poised to recover from the four-day slump that ended 2024.

Nasdaq 100 contracts rose 1%, while S&P 500 contracts rose 0.8%.
European energy stocks performed well following a sharp increase in natural gas prices.
The euro hit its lowest level against the dollar in more than two years. Treasuries and European government bonds rose. Bitcoin extended its rally for a third day.

US stocks appear to be on the verge of snapping a losing streak that has dimmed the S&P 500’s best two-year run since the late 1990s.
The index has risen by more than 50% since the beginning of 2023, driven by the so-called Magnificent Seven tech megacaps and optimism about the boost to profits from artificial intelligence.

Meanwhile, an attack on New Year’s revellers in New Orleans has refocused attention on US domestic security less than a month before Donald Trump’s inauguration.
The Federal Bureau of Investigation is looking into that incident, as well as the fatal explosion of a Tesla Cybertruck outside Trump’s hotel in Las Vegas.

Today brings investors some early 2025 economic data, including US jobless claims. In the coming months, the growth outlook in Europe and China, the Federal Reserve’s policy path, and Trump’s agenda will be among the most pressing issues on traders’ minds.

Docket
08:30 ET
US Weekly Jobless Claims
Initial Claims – Median Forecast: 221k | Prior: 219k | Range: 235k / 210k
Continued Claims – Median Forecast: 1.89M | Prior: 1.91M | Range: 1.91M / 1.87M

09:45 ET
US S&P Manufacturing PMI December Final
Median Forecast: 48.3 | Prior: 48.3 | Range: 49.5 / 48.3

11:00 ET
US Weekly EIA Crude Oil Inventories
Median Forecast: -2.5M | Prior: -4.237M | Range: 0.5M / -5.842M

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

Good luck, and have a good start to 2025!