Morning Juice – US Session Prep (22nd October)

Sentiment
As traders analysed the most recent business news and earnings reports in the midst of concerns about trade, the US government shutdown, and geopolitical risks, US futures struggled to find direction.
Following Tuesday’s drop, gold and silver continued to decline.

Amid worries that its advance had gone too far, too quickly, gold dropped more than 2%, closing in on $4,000 an ounce and intensifying its largest intraday decline in almost a dozen years in the previous session.
After falling 7.1% on Tuesday, silver also fell.

Early US earnings show the strongest corporate results in four years, with 85% of companies posting beats.
Despite recent de-risking due to trade and credit concerns, stock exposure among global macro hedge funds and long-only strategies remained at its highest level in over a year, according to Barclays.

This week’s renewed attention on precious metals follows a quick advance earlier this year, fuelled by central bank purchases and concerns about budgetary troubles in industrialised countries.
The slumps also occurred after technical signs indicated that the recent blistering rallies were likely overextended.

The Dollar and Treasuries were essentially unchanged.
Oil prices rose following reports that the US and India are negotiating a trade agreement that would see the South Asian country gradually reduce its purchases of Russian crude.

Docket
10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: 2.181M | Prior: 3.524M | Range: 3.561M / 500K

13:00 ET
US sells $13 bln 20-Year Bonds
Prior High Yield: 4.613%
Prior Bid-to-Cover: 2.74

Speakers
08:25 ET
ECB’s Pres. Lagarde delivers keynote at the Finance and Future Summit in Frankfurt.

Earnings
16:05 ET
SAP Q3 2025 Earnings
Estimated EPS – $1.49
Estimated Revenue – $9.09B

16:10 ET
IBM Q3 2025 Earnings
Estimated EPS – $2.41
Estimated Revenue – $16.09B

16:15 ET
Tesla Q3 2025 Earnings
Estimated EPS – $0.53
Estimated Revenue – $26.26B 

Good luck!