Morning Juice – US Session Prep (15th August)

Sentiment
US stock futures remained around record highs as traders wagered that data released on Friday would show signs of strain on US consumers, supporting the case for an interest rate reduction.

Contracts for the S&P 500 rose after two consecutive record closing earlier in the week.
Intel gained more than 3% in premarket trade following reports that the US government may purchase a stake in the faltering chipmaker.

US Treasury yields were mixed, with the policy-sensitive two-year note sliding one basis point to 3.72%. The Yen outperformed other major currencies versus the Dollar, which fell 0.3%.

In Europe, the Stoxx 600 reached its highest level since March, with cautious hopes that Friday’s US-Russia conference would be the first step towards brokering a peace settlement in Ukraine and healing relations.

Money markets are putting in a 90% chance of a quarter-point rate cut when the Fed meets next month, up from approximately 85% earlier this week.

Docket
08:30 ET
US Retail Sales for July
MoM – Forecast: 0.6% | Prior: 0.6% | Range: 1.4% / 0%

09:15 ET
US Industrial Production for July
MoM – Forecast: 0% | Prior: 0.3% | Range: 0.3% / -0.3%

10:00 ET
University of Michigan Survey August Prelim
Sentiment – Forecast: 62 | Prior: 61.7 | Range: 64 / 58
1-Year Inflation – Forecast: 4.4% | Prior: 4.5% | Range: 4.7% / 4.2%
5-Year Inflation – Forecast: 3.4% | Prior: 3.4% | Range: 3.5% / 3.2%

Speakers
08:30 ET
Fed’s Goolsbee speaks on CNBC

14:30 ET
Trump-Putin Summit

Good luck, and have a good weekend!