Morning Juice – US Session Prep (28th October)

Sentiment
The record-breaking stock run stalled as investors digested a flurry of company earnings, including highly anticipated data from US technology titans and a Fed policy decision around the corner.

Futures on the S&P 500 were unchanged after the gauge reached an all-time high as Chinese and US trade negotiators prepared a slew of diplomatic victories for Trump and Xi Jinping to announce at a conference this week.

Easing trade tensions have fuelled the stock rise, with US corporations remaining mainly unaffected by tariffs thus far. The S&P 500 is on track to have the most corporations reporting sales beats in approximately four years. That optimism will be tested this week as investors watch the Fed meeting for signs on the direction of rate cuts, while key technology businesses such as Meta and Microsoft reveal whether the AI-fueled earnings momentum can be sustained.

The Chinese Yuan rose to its highest level in over a year, fuelled by hopes for a China-US trade agreement. Gold remained below $4,000 per ounce as progress in trade talks reduced demand for haven assets.

Docket
09:00 ET
US CaseShiller 20 YoY for August
Forecast: 1.4% | Prior: 1.8% | Range: 1.7% / 1.2%

10:00 ET
US CB Consumer Confidence for October
Forecast: 93.4 | Prior: 94.2 | Range: 95 / 91

11:30 ET
US sells $50 bln 52-week Bills 
Prior High Yield – 3.540%
Prior Bid-to-Cover – 2.920

13:00 ET
US sells $44 bln 7-Year Notes
Prior High Yield – 3.953%
Prior Bid-to-Cover – 2.400

Earnings
16:05 ET
Visa Q4 2025 Earnings
Est. EPS: £2.97
Est. Rev: $10.62B

Good luck!