Morning Juice – US Session Prep (7th November)

Sentiment
Stocks resumed their decline after a brief bout of dip-buying, with caution reigning at the end of a volatile week that brought this year’s artificial-intelligence-led rally to a halt.

Nasdaq 100 futures fell 0.3% after earlier gains of up to 0.4%. The moves followed a heavy bout of selling on Thursday, led by some of the most significant beneficiaries of the AI boom.
US Treasuries mostly maintained yesterday’s gains. The dollar remained steady, while gold rose above $4,000 per ounce. Bitcoin is set for its worst week since March.

The Magnificent Seven cohort of tech megacaps was expected to extend losses.
Nvidia dropped 1.3% in premarket trading.
Tesla’s stock price remained relatively stable after shareholders approved Elon Musk’s potential $1 trillion pay package.
Microsoft was on track for its longest losing streak since 2010.

Docket
08:30 ET
Canadian Employment Change for October
Forecast: -5K | Prior: 60.4K | Range: 25K / -25K
Canadian Unemployment Rate
Forecast: 7.1% | Prior: 7.1% | Range: 7.2% / 7.0%

10:00 ET
University of Michigan Sentiment Prelim for November
Sentiment – Forecast: 53 | Prior: 53.6 | Range: 55 / 48
5-Year Inflation – Forecast: 3.8% | Prior: 3.9% | Range: 3.9% / 3.7%
1-Year Inflation – Forecast: 4.6% | Prior: 4.6% | Range: 4.8% / 4.5%

15:00 ET
US Consumer Credit for September
Forecast: 10.230B | Prior: 0.363B | Range: 25B / 6.6B

Speakers
08:20 ET
ECB’s Villeroy speaks at event organized by Tracfin, France’s financial intelligence unit for combating financial crime, fraud.

08:30 ET
ECB’s Elderson speaks in a fireside chat at the Bundesbank Euro20+ event in Frankfurt
No Text

10:15 ET
BoE Pill speaks at the National Monetary Policy Committee Agency briefing

11:30 ET
Trump greets the Prime Minister of Hungary

15:00 ET
Fed’s Miran speaks on Stablecoins and monetary policy at the Harvard Club of New York
Text and Q&A are expected with a moderator

Good luck!