Morning Juice – US Session Prep (8th May)

Sentiment
US technology shares led a rally in stock futures, boosted by the Trump administration’s plan to reverse some Biden-era restrictions on chipmakers and news of a trade deal with Britain.

Contracts for the Nasdaq 100 and S&P 500 rose. Intel rose more than 3% in premarket trading, while peers such as Nvidia and Micron Technology also benefited from a report last night that the US will lift restrictions on semiconductor exports to various countries. In addition, Donald Trump announced that the US has reached a “comprehensive” trade agreement with the United Kingdom, the first of his promised deals.

Treasuries and gold prices fell as market sentiment improved, the dollar strengthened, and Bitcoin approached $100,000 for the first time since February.
The pound rose after the Bank of England cut interest rates as expected, but continued to signal “gradual and careful” moves in the coming months.

Trump’s announcement of a UK deal came after reports that US and Chinese officials would meet this weekend to discuss trade.
Investors are waiting to see if Trump’s crippling levies will be negotiated down, preventing long-term damage to economic growth and corporate profits.

Docket
08:30 ET
US Weekly Jobless Claims
Initial Claims – Forecast: 230K | Prior: 241K | Range: 250K / 215K
Continued Claims – Forecast: 1.895M | Prior: 1.916M | Range: 1.941M / 1.85M

US Productivity Q1 Prelim
Forecast: -0.8% | Prior: 1.5% | Range: 0.3% / -1.8%

10:00 ET
BoC Financial Stability Report

11:00 ET
NY Fed Inflation Expectations (Survey of Consumer Expectations)

13:00 ET
US sells $25 bln 30-Year Bonds

Speakers
10:00 ET
Trump makes a Trade Announcement (US-UK trade deal press conference)

AI CEO’s testify at a Senate hearing

11:00 ET
BoC’s Governor Macklem & Senior Deputy Governor Rogers speak at a press conference

12:00 ET
Trump and the First Lady participate in a Celebration of Military Mothers

Good luck!