Morning Juice – US Session Prep (9th May)

Sentiment
US stock futures pointed to a third day of gains on Wall Street and German stocks hit a record high, as investors seized on signs that global trade tensions are starting to ease.
Nasdaq 100 & S&P 500 contracts edged up.
Markets also benefited from a slew of positive earnings, with Microchip Technology gaining almost 10% in premarket trading.
Earlier gains were paired back however after Trump posted on Truth social, saying “80% tariff on China seems right!, It’s up to Scott Bessent”. This did little to aid equity sentiment, as some sources pieces touted by media outlets earlier this week had hinted at a number around 50-60%.

Trump claimed that Thursday’s framework US-UK trade agreement was the first of many agreements with other partners, which has encouraged investors. Additionally, he hinted that future talks with China could lead to real advancements.
This weekend, representatives of the two countries will meet, and it is reported that the US administration is considering drastic tariff cuts.

In the bond markets. Treasuries held steady as investors sought riskier assets, while the dollar index reversed a two-day rally.

Docket
08:30 ET
Canadian Employment Data for April
Employment Change – Forecast: 5k, Prior: -32.6k, Range: 51k / -40k
Unemployment Rate – Forecast: 6.8%, Prior: 6.7%, Range: 6.9% / 6.7%

Speakers
08:30 ET
Fed’s Williams gives a keynote address and Q&A at the the Reykjavík Economic Conference.
Text and Q&A are expected

Fed’s Barkin takes part in fireside chat at the Loudoun County Chamber of Commerce in Ashburn, Virginia Belmont Country Club.

09:10 ET
ECB’s Simkus participates in panel discussion at the Reykjavík Economic Conference 2025.

09:15 ET
Fed’s Williams speaks on Bloomberg TV.

10:00 ET
Fed’s Goolsbee gives opening remarks at a Fed Listens event.
No text is expected.

11:30 ET
Fed’s Williams and Fed’s Waller will speak. Mester, Plosser and Warsh will also speak at the panel at the Hoover Monetary Policy Conference.
Text and Q&A are expected

13:00 ET
White House Press briefing with Press Secretary Leavitt

16:00 ET
Trump signs executive orders

Good luck, and have a good weekend!