Morning Juice – US Session Prep (15th May)
Sentiment
Wall Street was heading for a pullback on Thursday and tech stocks fell as investors worried about an economic slowdown and overheated markets.
Oil slumped more than 3%.
S&P 500 futures slid with Nvidia, Palantir Technologies and Tesla falling about 2% in early trading.
The dollar weakened and US bonds were steady.
Brent sank below $64 a barrel after Trump said the US is getting closer to a deal on Iran’s nuclear program, fueling concern that additional oil supply may pressure the market.
Traders were looking ahead to a speech by Federal Reserve Chair Powell, as well as data on manufacturing and retail sales, for the next readout on US growth and inflation. Economists are expecting no growth in retail sales in April as consumers cut back on some purchases.
Docket
08:30 ET
US PPI for April
YoY – Forecast: 2.5% | Prior: 2.7% | Range: 2.7% / 2.4%
MoM – Forecast: 0.2% | Prior: -0.4% | Range: 0.5% / -0.3%
Core YoY – Forecast: 3.1% | Prior: 3.3% | Range: 3.5% / 3%
Core MoM – Forecast: 0.3% | Prior: -0.1% | Range: 0.6% / 0%
US Retail Sales for April
Forecast: 0% | Prior: 1.5% | Range: 0.6% / -0.7%
US Weekly Jobless Claims
Initial Claims – Forecast: 228k | Prior: 228k | Range: 245k / 215k
Continued Claims – Forecast: 1.89M | Prior: 1.879M | Range: 1.925M / 1.865M
09:15 ET
US Industrial Production for April
Forecast: 0.1% | Prior: -0.3% | Range: 0.5% / -0.3%
11:30 ET
US sells $85 bln 4-Week Bills
Speakers
08:40 ET
Fed’s Powell gives remarks on the framework review at the Thomas Laubach Research Conference.
The conference will focus on discussing the central bank’s monetary policy review.
Text is expected, but no Q&A.
09:15 ET
Trump speaks at a roundtable with business leaders
10:00 ET
BoE’s Dhingra gives a speech at the New Economics Foundation conference on ‘EU macroeconomic policy in an age of shocks’.
11:40 ET
Trump speaks to troops at the At Al Udeid Air Base
14:05 ET
Fed’s Barr gives opening remarks at the 2025 Northeast/Mid- Atlantic Small Business Credit Symposium.
Text is expected, but no Q&A.
Good luck!
