Morning Juice – US Session Prep (6th June)

Sentiment
US stock futures are rising ahead of the release of US employment data, indicating that President Donald Trump’s extraordinary spat with Elon Musk may be cooling.

S&P 500 contracts rose. Tesla rebounded in early trading after falling 14% on Thursday, when Trump proposed terminating the billionaire’s government contracts.
Musk, who started the public feud by criticizing Trump’s signature tax bill, later indicated that he wants to tone down the hostility.

Other asset classes saw more muted movements as traders awaited Friday’s nonfarm payrolls report for new information on how the Trump administration’s trade war is affecting the economy. The dollar gained as Treasuries remained flat, with the 10-year yield at around 4.38%.

Data released earlier this week indicated a softening labor market, supporting expectations that the Federal Reserve will lower interest rates at least twice this year. Economists expect payroll growth to slow to 125,000 after exceeding expectations for the second straight month in April.

Docket
08:30 ET
US Employment Situation for May
Nonfarm Payrolls – Forecast 126k | Previous 177k | Range 190k / 75k
Unemployment Rate – Forecast 4.2% | Previous 4.2% | Range 4.3% / 4.1%
Average Earnings YoY – Forecast 3.7% | Previous 3.8% | Range 3.8% / 3.6%
Private Payrolls – Forecast 120k | Previous 167k | Range 165k / 75k

Canadian Employment Situation for May
Employment Change – Forecast: -12.5k | Prior: 7.4k | Range: 36.6k / -40k
Unemployment Rate – Forecast:  7% | Prior: 6.9% | Range: 7.1% / 6.9%

Speakers
09:00 ET
ECB’s Centeno speaks on the outlook for the Portuguese economy at a lunch hosted by the International Club of Portugal in Lisbon.

10:00 ET
Fed’s Bowman, recently appointed Vice Chair for Supervision,. gives a speech on supervision and regulation in Washington.
Text and Q&A are both expected.

13:30 ET
Trump Signs Executive Orders

14:00 ET
Trump participates in a Swearing-In Ceremony for the Secretary of the Navy

Good luck!