Morning Juice – US Session Prep

Morning, Traders!
it is Wednesday the 5th of March, here are some things to look out for today.

Sentiment
US stock futures hinted to increases on Wall Street amid hopes that Trump’s administration will reverse some of the tariffs. European stocks rose and bonds fell in response to Germany’s expenditure plans.

The S&P 500 index futures contract increased 0.4%, while the Nasdaq 100 futures contract rose 0.5%, as shares of automakers, banks, and semiconductor companies surged in premarket trade after US Commerce Secretary Lutnick hinted at tariff relief for Mexico and Canada. Goldman Sachs and Citigroup both gained more than 1%, while Tesla looked set to recover from a four-month low.

On Tuesday, US shares ended their worst two-day slide since December, ahead of comments from Lutnick, who told Fox Business that Trump may offer a way to relieve some tariff pressure. Traders will be monitoring for data due later today to get a sense of the economy’s current position.

In Europe, the Stoxx 600 index rose 1.6% and bonds fell after incoming Chancellor Merz proposed a broad fiscal overhaul that may help the European economy. A sale of new 30-year bunds generated strong interest.

Speculation that greater spending will boost inflation, necessitating tighter policy from the ECB, sent the Euro to its best three-day run since November 2022, sending 10-year bond yields at least 10 bps higher in the UK, France, Italy, and Spain.

Docket
08:15 ET
US ADP Employment Change for February
Median Forecast: 140k | Prior: 183k | Range: 300k / 10k

09:45 ET
US S&P Services PMI February Final
Median Forecast: 49.7 | Prior: 49.7 | Range: 50.5 / 49.5

10:00 ET
US ISM Services PMI for February
Median Forecast: 52.5 | Prior: 52.8 | Range: 54.7 / 51

US Factory Orders MoM for January
Median Forecast: 1.7% | Prior: -0.9% | Range: 2.3% / 0.5%

10:30 ET
US Weekly EIA Crude Oil Inventories
Median Forecast: 0.8M | Prior: -2.332M | Range: 2M / -2.468M

Speakers
09:30 ET
BoE’s Governor Bailey, as well as MPC members Pill, Greene and Taylor speak.

Good luck!