Morning Juice – US Session Prep (31st October)

Sentiment
The S&P 500 is poised for a sixth straight monthly gain after Amazon’s blockbuster results reignited optimism in global equities, reversing a brief pause in the rally that’s lifted markets to record highs.

Futures on the US benchmark index climbed as Amazon shares surged 13% in premarket trading, set to add roughly $300 billion in market capitalization after the company posted its fastest cloud growth in nearly three years. Apple also rose after delivering better-than-expected revenue and issuing a bullish holiday outlook, helping Nasdaq 100 futures advance.

Nvidia extended gains after unveiling fresh partnerships with South Korea’s largest conglomerates, underscoring its global push to build artificial intelligence infrastructure. The combination of upbeat earnings and AI expansion lifted all members of the Magnificent Seven, reversing some of the losses from Thursday’s selloff.

The rebound offered investors a breather after Thursday’s slide, which reignited debate about lofty tech valuations and whether the massive capital pouring into AI infrastructure will translate into sustained profits. Even as leadership in US equities narrows, flows remain robust — global stock funds attracted $17.2 billion in the week to Oct. 29, according to Bank of America, which said the AI trade continues to dominate market leadership.

Docket
08:30 ET
Canadian GDP MoM for August
Forecast: 0.0% | Prior: 0.2% | Range: 0.1% / -0.1%

09:45 ET
US Chicago PMI for October
Forecast: 42 | Prior: 40.6 | Range: 45 / 41.1

Speakers
09:30 ET
Fed’s Logan speaks at the Bank Funding Conference
No Q&A, Text is expected

12:00 ET
Fed’s Hammack and Bostic speak in a fireside chat at a conference hosted by the Dallas Fed

Good Luck!