Morning Juice – US Session Prep

Sentiment

Risk assets surged on Thursday as a US court barred the majority of Trump’s import tariffs, which had weighed severely on the global economic outlook.

According to people familiar with the situation, the Trump administration is preparing to restrict the sale of chip design software to China as it considers a broader policy declaration on the issue.

Nvidia CEO Huang stated that Chinese AI rivals are filling the hole created by US corporations’ exit from that industry, and their tech is becoming more powerful.

Docket
08:30 ET
US GDP Q1 2nd Estimate
GDP QoQ – Forecast: -0.3% | Prior: -0.3% | Range: 0.5% / -0.7%
Core PCE QoQ – Forecast: 3.5% | Prior: 3.5% | Range: 3.7% / 3.5%

US Weekly Jobless Claims
Initial Claims – Forecast: 230k | Prior: 227k | Range: 232k / 225k
Continued Claims – Forecast: 1.89M | Prior: 1.903M | Range: 1.91M / 1.873M

12:00 ET
US Weekly EIA Crude Oil Inventories
Forecast: -0.4M | Prior: 1.328M | Range: 2.93M / -3M

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

Speakers
08:30 ET
Fed’s Barkin participates in a fireside chat in Richmond.
No text is expected, but there will be a Q&A.

10:40 ET
Fed’s Goolsbee participates in Q&A at the bank’s 2025 Mackinac Policy Conference
No indication if a text is expected, but there will be a Q&A.

11 AM ET
BoE’s Gov. Bailey Text Release

13:00 ET
White House Presse Sec. Leavitt Speaks

14:00 ET
Fed’s Kugler gives opening remarks at 5th Annual Federal Reserve Board Macro-Finance Workshop Text is expected, but no Q&A.

15:00 ET
BoE’s Governor Bailey delivers a speech at the Irish Association of Investment Managers dinner. It will be followed by a fireside chat with Bloomberg’s Francine Lacqua.

16:00 ET
Fed’s Daly speaks in a fireside chat at the Oakland Rotary Club.
No text is expected, but there is a Q&A.

17:00 ET
The President participates in a Swearing-In Ceremony for the Chief of Protocol of The United States

Earnings
16:15 ET
Costco Q3 2025 Earnings
EPS: $4.24, Rev: $63.29B

Good luck!