Morning Juice – US Session Prep

Morning, Traders!
it is Wednesday the 2nd of April, the day of the highly anticipated US reciprocal tariff announcement.
Here is what to look out for today.

Sentiment
Wall Street futures pointed to a weaker open, while Treasuries held near one-month highs in the hours leading up to Trump’s tariff announcement, as speculation swirled about the specifics of the proposed trade action.

S&P 500 futures fell. Technology stocks fell in premarket trading, with Tesla and Palantir Technologies both losing more than 2%.
Europe’s Stoxx 600 Index fell, with healthcare stocks falling as mass layoffs at the US Department of Health raised concerns about the outlook for vaccines and gene therapies.

The yield on 10-year Treasuries fell two basis points after reaching its lowest level since early March on Tuesday, while the dollar fell and gold traded just short of its recent high.

Docket
08:15 ET
US ADP Employment Change for March
Forecast: 120k | Prior: 77k | Range: 157k / 80k

10:00 ET
US Factory Orders MoM for February
Forecast: 0.5% | Prior: 1.7% | Range: 1.8% / 0.2%

10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: -0.5M | Prior: -3.341M | Range: 3M / -2.872M

16:00 ET
Trump Reciprocal Tariff Announcement

Speakers
08:00 ET
ECB’s Escriva participates in lunch organized by the Confederación de Empresarios de Galicia in Santiago de Compostela.

09:00 ET
ECB’s Holzmann speaks on unconventional monetary policy at Romanian central bank

10:05 ET
ECB’s Lane moderates roundtable on ‘Making the most of AI: how to foster diffusion and address risks?’ at ECB conference ‘The transformative power of AI: economic implications and challenges’ in Frankfurt

15:45 ET
ECB’s President Lagarde Speaks at an Awards Dinner

16:30 ET
Fed’s Kugler speaks on inflation expectations and monetary policymaking at a virtual event.
Text and Q&A are both expected

Good luck!