Morning Juice – US Session Prep (12th November)

Sentiment
Tech leads the charge: Nasdaq 100 futures rose, driven by gains in the Magnificent Seven and a 5% jump in AMD, which projected faster revenue growth.
Nvidia and its supply chain partners — including Hon Hai Precision and Infineon Technologies — also rallied on upbeat outlooks.
S&P 500 futures gained, suggesting the index could extend its winning streak after investors rotated into defensives earlier in the week.

Shutdown resolution in sight: Lawmakers appeared close to ending the record 43-day government shutdown, with a House vote expected on a new spending bill. A reopening would restore the flow of key economic data, potentially bolstering the case for a Fed rate cut amid uncertain policy timing. Historically, U.S. equities have rallied following shutdowns — though some analysts warn that this rebound may already be partly priced in after this week’s 1.8% gain.

Beyond the US: In the UK, political tensions weighed on gilts and sterling after reports of an internal challenge to Prime Minister Keir Starmer’s leadership. Despite today’s global uptick, strategists caution that U.S. equity valuations remain stretched, keeping markets vulnerable to renewed volatility if the AI-driven optimism fades.

Docket
08:30 ET
Canadian Building Permits MoM
Forecast: 0.9% | Prior: -1.2% | Range: 1% / -0.7%

12:00 ET
EIA Short-Term Energy Outlook Report (Tentative)

13:00 ET
US sells $42 bln 10-Year Notes
Prior High Yield – 4.117%
Prior Bid-to-Cover – 2.480

13:30 ET
BoC Meeting Minutes

Earnings
16:05 ET
Cisco Systems Q1 2026 Earnings
Estimated EPS – $0.98
Estimated Revenue – $14.77B

Speakers
09:20 ET
Fed’s Williams speaks at the US Treasury Market Conference 2025
Text is expected, No Q&A

10:00 ET
Fed’s Paulson speaks at the Ninth Annual Fintech Conference hosted by the Philadelphia Fed
Text is expected, No Q&A

10:20 ET
Fed’s Waller speaks at the Ninth Annual Fintech Conference hosted by the Philadelphia Fed
Q&A is expected with a moderator, No Text

10:45 ET
US Treasury Sec. Bessent speaks

12:15 ET
Fed’s Bostic speaks about economic trends at the Atlanta Economics Club
Text and Q&A are expected with an audience

12:30 ET
Fed’s Miran Speaks in a fireside chat at the University of Cambridge Judge Business School
Q&A is expected with a moderator, No Text.

13:00 ET
White House Press Briefing with Press Secretary Leavitt

16:00 ET
Fed’s Collins speaks at the 4th Annual Regional Community Bankers Conference at the Boston Fed
Text is expected, No Q&A

Good Luck!