Morning Juice – US Session Prep
Morning, Traders!
It is Wednesday the 5th February, here are some things to look out for today.
Sentiment
US market futures declined as investors navigated the trade conflict and a busy slate of earnings from some of the world’s largest firms.
Nasdaq 100 futures were down as Alphabet and AMD fell in US pre-market trade following weak earnings.
S&P 500 contracts declined, implying that Wall Street’s recovery may be short-lived.
While the early volleys in the next US-China trade battle demonstrated that Xi is being more cautious than during Trump’s first term, tariff worries remain at the forefront.
The Yen strengthened versus the Dollar, and gold reached a record high due to haven demand.
The 10-year Treasury yield fell, and a Dollar strength index extended losses, as US job postings fell more than expected in December to a three-month low.
In commodities, oil fell as fears that the trade war will harm global growth outweighed the news of tougher penalties against Iran.
Docket
08:15 ET
US ADP Employment Change for January
Median Forecast: 150k | Prior: 122k | Range: 165k / 100k
08:30 ET
US Trade Balance for December
Median Forecast: -$96.8B | Prior: -$78.2B | Range: -$78.7B / -$100B
US Treasury Quarterly Refunding Announcement
09:45 ET
US S&P Services PMI January Final
Median Forecast: 52.9 | Prior: 52.87 | Range: 55.5 / 52.8
10:00 ET
US ISM Services PMI for January
Median Forecast: 54 | Prior: 54.1 | Range: 56.5 / 52
10:30 ET
US Weekly EIA Crude Oil Inventories
Median Forecast: 2.586M | Prior: 3.463M | Range: 3.63M / -2M
Speakers
09:00 ET
Fed’s Barkin speaks in a fireside chat at an event hosted by The Conference Board.
No text is expected, but there will be a Q&A.
ECB’s Lane participates in a fireside chat and Q&A at Peterson Institute for International Economics in Washington.
Slides will be made available.
14:30 ET
Fed’s Goolsbee gives remarks at the Automotive Insights Symposium in Detroit.
Text is expected, but no Q&A.
15:00 ET
Fed’s Bowman gives a brief economic update and speaks on bank regulation at a Kansas Bankers Association conference.
Text is expected, but no Q&A.
Good luck!
