Morning Juice – US Session Prep (26th September)

Sentiment
US equity futures struggled for traction as investors ponder the Federal Reserve’s next policy move following strong data from the world’s biggest economy.

Contracts on the S&P 500 were little changed, while those on the Nasdaq 100 dipped.
The S&P 500 is on track for its first weekly decline of the month ahead of Friday’s inflation report and next week’s key monthly jobs numbers, after US GDP data Thursday complicated the outlook for further interest-rate cuts.

After a $15 trillion rebound in global equities from April’s lows, traders now face a wall of uncertainty as tariff headlines return to unsettle markets and investors fret about inflated valuations for big tech companies.
Fed policy, the upcoming earnings season, and the threat of a US government shutdown are also weighing on sentiment. Attention now turns to Friday’s inflation report and key monthly jobs data next week.

The 10-year Treasury yield was little changed, and a gauge of the dollar was flat, set for its biggest weekly advance since the start of August.

While the tariffs on pharmaceuticals will have little direct impact on most European drug companies, they are a reminder that new trade tensions could arise at any time.

Docket
08:30 ET
US PCE Price Index for August
YoY – Forecast: 2.7% | Prior: 2.6% | Range: 2.9% / 2.6%
MoM – Forecast: 0.3% | Prior: 0.2% | Range: 0.4% / 0.2%
Core YoY – Forecast: 2.9% | Prior: 2.9% | Range: 3.2% / 2.47%
Core MoM – Forecast: 0.2% | Prior: 0.3% | Range: 0.5% / 0.2%

08:30 ET
Canadian GPY MoM for July
Forecast: 0.1% | Prior: -0.1% | Range: 0.7% / -0.1%

10:00 ET
University of Michigan Survey September Final
Sentiment – Forecast: 55.4 | Prior: 55.4 | Range: 59.5 / 54

Speakers
09:00 ET
Fed’s Barkin about the US economic outlook and fireside chat moderated Q&A session.
Text: TBD; Q&A Moderated

13:00 ET 
Fed’s Bowman speaks on monetary policy decision-making.
Text: yes; Q&A: yes from moderator and audience.

Good luck!