Morning Juice – US Session Prep (6th May)

Sentiment
Global stock markets fell as a slew of corporate statements heightened concerns about the trade war’s negative impact on businesses and the global economy.

Contracts on the S&P 500 fell 0.7%, while those on the Nasdaq 100 fell 0.9%. Ford fell 2.6% after withdrawing its financial guidance and announcing a tariff impact of approximately $2.5 billion on 2025 earnings. Tesla and Meta led declines among the Magnificent Seven technology megacaps.

Companies in Europe have warned of increased uncertainty due to Trump’s trade tariffs. The Stoxx 600 benchmark fell 0.6% after incoming German chancellor Merz failed to secure parliamentary approval to confirm his appointment. Although the setback was unexpected, Merz is expected to be elected in the end.

The moves imply that a recent surge of hope brought on by certain US trade concessions may already be waning.
A nine-day rally that was the longest the S&P 500 had seen in roughly two decades came to an end on Monday.
Ford’s caution served as a reminder that the effects of the tariff war will become apparent over the next few months, but traders have recently reduced their bets on interest rate cuts by the Federal Reserve due to a string of solid economic data.

Docket
08:30 ET
US Trade Balance for March
Forecast: -$136B, Prior: -$122.7B, Range: -$100B / -$145B

12:00 ET
US EIA Short-Term Energy Outlook Report

13:00 ET
US sells $42 bln 10-Year Notes

Speakers
09:00 ET
BoE’s Breeden speaks as a panelist at the Global Finance & Technology Network 4th point zero forum ‘Payment infrastructure and the impact on new technology’

US Council of Economic Advisor’s Miran speaks to DC Newsmaker

10:00 ET
US Treasury Secretary Bessent testifies in Congress.

11:30 ET
Trump meets Canada’s PM Carney

11:45 ET
Trump participates in a Bilateral Meeting with the Prime Minister of Canada

12:15 ET
Trump participates in a Bilateral Lunch with the Prime Minister of Canada

15:30 ET
Trump participates in a FIFA Task Force Meeting

17:00 ET
Trump participates in a Swearing-In Ceremony for the Assistant to the President, Senior Advisor and Special Envoy

Earnings
16:15 ET
AMD Q1 2025 Earnings
Est. EPS: 94c
Est. Rev: $7.1B

Good luck!