Morning Juice – US Session Prep (9th July)

Sentiment
US stock futures rose as traders awaited announcements on the tariff status for a number of countries, a day after Trump escalated his trade rhetoric and threatened more charges on copper.

Contracts for the S&P 500 ticked higher after the US benchmark closed little changed in the previous session.
European stocks advanced to the highest in almost a month.
LME copper retreated in New York after Tuesday’s 13% surge.

Earlier this week, traders had largely brushed off a batch of letters in which Trump effectively delayed his tariff deadline while outlining new rates targeting over a dozen countries.
Sentiment shifted on Tuesday, when he signaled fresh resolve to move forward with steep levies on foreign imports.
He also signaled that updates to the trade status of at least seven nations would be released Wednesday morning, with more announcements later in the day.

US Treasuries held steady, with the 10-year yield at 4.40%, following a five-day run of losses which lifted the rate almost 20 basis points.
The Treasury will sell $39 billion of 10-year notes later today followed by $22 billion of 30-year bonds Thursday.
An offering of three-year securities on Tuesday was met with soft demand.

Swaps are almost fully pricing two quarter-point cuts until the end of the year, with a 65% chance of a first reduction in September.

Docket
10:00 ET
US Wholesale Inventories MoM May Revised
Forecast:  -0.3% | Prior: -0.3% | Range: 0.3% / -0.3%

10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: -3M | Prior: 3.845M | Range: -1M / -3.956M

13:00 ET
US sells 39 bln 10-Year Notes

14:00 ET
FOMC Meeting Minutes for the June meeting

Speakers
08:15 ET
ECB’s Nagel gives a speech on monetary policy since the 2021 strategy review.

12:05 ET
Trump participates in a multilateral lunch with African Leaders

Good luck!