Morning Juice – US Session Prep (21st October)

Sentiment
The global stock rally stalled as investors weighed trade tensions and the potential impact of upcoming US inflation data, as well as the latest earnings news.

Futures on the S&P 500 and Nasdaq 100 erased early gains, implying that Monday’s Wall Street rally of more than 1% is about to fizzle. The dollar index rose for the third day in a row, with the greenback outperforming all of its Group-of-10 peers. Gold and silver fell sharply from recent highs, as the dollar strengthened.

The S&P 500 has posted its biggest two-day gain since June as the third-quarter earnings season kicks off, with approximately 85% of US firms exceeding profit estimates thus far.

While the US government shutdown and trade tensions fuelled investor emotion and volatility, drawdowns were brief, as investors saw them as opportunities to increase risk in their portfolios. Global stocks have rallied to new highs since their April slump, as traders bet that the billions spent by companies on artificial intelligence will pay off in the future.

Docket
08:30 ET
Canadian CPI for September
YoY – Forecast: 2.2% | Prior: 1.9% | Range: 2.4% / 2%
MoM – Forecast: -0.1% | Prior: -0.1% | Range: 0.1% / -0.3%

Speakers
09:00 ET
Fed’s Waller gives opening remarks before the Federal Reserve Board Payments Innovation Conference
[No monetary policy comments are expected due to the Fed’s external communications blackout]

09:30 ET
ECB’s Kocher makes opening remarks at conference of Austrian National Bank on global trade and tariffs.

15:00 ET
US Treasury Secretary Bessent speaks

15:15 ET
BoE’s Mann speaks in ‘fireside chat’ at Lazard Board of Directors dinner.

15:30 ET
Fed’s Waller gives closing remarks before the Federal Reserve Board Payments Innovation Conference, in Washington
[No monetary policy comments are expected due to the Fed’s external communications blackout]

Earnings
16:00 ET
Texas Instruments Q3 2025 Earnings
Est. EPS: $1.49
Est. Rev: $4.65B

16:01 ET
Netflix Q3 2025 Earnings
Est. EPS: $6.94
Est. Rev: $11.52B

Good luck!