Morning Juice – US Session Prep (6th November)
Sentiment
Global equities lost steam Thursday as renewed concerns over stretched tech valuations erased early gains, despite a round of upbeat corporate results.
Cautious tone returns: S&P 500 and Nasdaq 100 futures were little changed, with investors hesitant to extend Wednesday’s rebound.
Chip stocks under pressure: Qualcomm slid 2.5% in premarket trading after upbeat guidance failed to excite markets — echoing a broader fatigue toward pricey tech names.
Megacaps mixed: The Magnificent Seven traded unevenly; Tesla rose 0.5% ahead of a key shareholder vote on Elon Musk’s near $1 trillion pay package, while others oscillated between gains and losses.
Bonds rally on soft data: U.S. Treasuries advanced as weak labor data — including the highest October job cuts in 20+ years — reinforced bets on a Fed rate cut next month.
Dollar drifts lower: The greenback weakened for a third straight session, heading for its biggest weekly decline in nearly a month.
Markets are struggling for direction — strong earnings can’t quite outweigh mounting unease about tech valuations and slowing US labor momentum, leaving investors cautious ahead of the Fed’s next move.
Docket
11:30 ET
US 4 Week Bill Auction
Prior High Yield – 3.91%
Prior Bid-to-Cover – 2.64
Speakers
09:00 ET
ECB’s Nagel speaks in Frankfurt on Financial Stability
11:00 ET
Fed’s Barr is speaking in a moderated discussion on community development at the St. Louis Fed virtual event
No Text, Q&A is expected with a moderator
Fed Williams speaks at the Goethe University Institute for Monetary and Financial Stability in Frankfurt
Text and Q&A are expected with a moderator
Trump makes an announcement.
12:00 ET
Fed’s Hammack speaks at the Economic Club of New York
Text and Q&A are expected
12:15 ET
ECB’s Busch speaks
13:30 ET
ECB’s Lane speaks on a policy panel called “A word in Transition: Are we ready to adapt?” in Washington
15:30 ET
Fed’s Waller speaks in a panel with the topic of discussion being “Central Banking and the Future of Payments” at the Bank of Canada 2025 Annual Economic Conference
No Text, Q&A is expected with a moderator
16:30 ET
Fed’s Paulson speaks on the topic on Consumer Finance New Perspectives on Consumer Behaviour in Credit and Payments Markets Conference at the Philadelphia Fed
No Q&A, Text is expected with an audience
17:30 ET
Fed’s Musalem speaks at a fireside chat on the US Economy and Monetary Policy with JP Morgan’s Joyce Chang
No Text, Q&A is expected with an audience and moderator
Good luck!
