Morning Juice – US Session Prep (24th April)

Sentiment
US stock futures fluctuated after back-to-back gains on Wall Street as investors scaled back their expectations of quick progress in the US-China trade dispute.

S&P 500 contracts were steady after sliding earlier as China maintained a defiant stance over tariffs imposed by the Trump administration.
Stocks in Europe pared a decline.
The dollar weakened as unpredictable White House policy moves boosted demand for the Swiss franc, the yen and gold as relative havens. Treasuries advanced.

On the earnings front, International Business Machines shares slumped 8% in US premarket trading after its results fell short of high market expectations.

Stocks are struggling to extend yesterday’s global rally, which was spurred by signs that Trump is rethinking the most aggressive elements of his stances on trade and the Federal Reserve.
The market moves underscore how investors are grappling to keep up with pronouncements from officials in the administration and frequent back-and-forth by Trump on his tariffs.

Meanwhile, Deutsche Bank strategists slashed their year-end S&P 500 target by 12%, citing the blow to US companies from tariffs.
While the new target of 6,150 points leaves 14% upside from Wednesday’s close, it means the index will only recover losses sustained since its February peak.

Trump signaled yesterday that the US is going to have a fair deal with China, adding that the country may receive a new tariff rate in the next two to three weeks.
Bessent tempered some of the optimism over that development, as he said the US was not looking to unilaterally lower tariffs and that a full trade deal could take two to three years.

Docket
08:30 ET
US Weekly Jobless Claims
Initial Claims – Forecast 222k | Previous 215k | Range 230k / 210k
Continued Claims – Forecast 1.863M, Previous 1.885M | Range 1.9M / 1.846M

US Durable Goods March Prelim
Forecast 2%, Previous 1% Range 7.1% / 0%

10:00 ET
US Existing Home Sales for March
Forecast 4.15M, Previous 4.26M Range 4.35M / 3.99M

13:00 ET
US sells $44 bln in 7-Year Notes

Speakers & Events
09:00 ET
ECB’s Lane & BoE’s Lombardelli speak at Peterson Institute panel on “Review of monetary policy strategy by central banks”

10:05 ET
ECB’s Simkus Speaks on “Monetary policy in the age of tariffs, structural changes and supply shocks”

11:35 ET
ECB’s Rehn Speaks at Washington Economic Festival

17:00 ET
Fed’s Kashkari Speaks in moderated discussion at U. Minnesota.
No text is expected, but a Q&A is expected

Earnings
16:00 ET
Alphabet Q1 2025 Earnings
Est. EPS $2.01
Est. Rev $75.4B

Intel Q1 2025 Earnings
Est. EPS 1c
Est. Rev $12.31B

Good luck!