Morning Juice – US Session Prep

Morning, Traders!
It is Friday the 21st of March, here are some things to look out for today.

Sentiment
Global markets fell as a slew of disappointing company reports raised new fears in a market already dealing with the threat of a catastrophic US trade war.

S&P 500 futures fell. FedEx fell 8% in pre-market trade after reducing earnings expectations as inflation and uncertain demand for shipments weighed on the delivery company’s bottom line.
Nike’s stock fell almost 6% as it reported declining profitability, owing in part to US tariffs on Chinese and Mexican exports.

The disappointing numbers add to fears about a deteriorating global economic picture, particularly ahead of Trump’s April 2nd deadline for a series of broad retaliatory tariffs.
While the Fed has suggested that it sees flexibility to cut rates, many economists believe that tariffs’ inflationary impact may impede central banks’ ability to support faltering economies.

Risk-off sentiment spread, while Treasury yields fell.
Gold prices remained around record highs after numerous banks increased their expectations for the haven asset.
According to BofA data, gold funds saw their largest four-week inflow ever.

Docket
08:30 ET
Canadian Retail Sales MoM for January
Forecast: -0.4% | Prior: 2.5% | Range: -0.1% / -0.7%

11:00 ET
Eurozone Consumer Confidence March Flash
Forecast: -13 | Prior: -13.6 | Range: -11 / -14

Speakers
08:30 ET
Fed’s Goolsbee speaks on CNBC

09:05 ET
Fed’s Williams gives a keynote speech at a conference in Nassau, Bahamas.
Text and Q&A are expected.

11:00 ET
Trump and the Secretary of Defense Hegseth deliver remarks at the White House
(White House press pool)

Good luck!