Morning Juice – US Session Prep (11th December)

Sentiment
US equity futures pared a sharp early drop as bargain hunters stepped in, softening a selloff sparked by concerns over Oracle’s plans for massive new AI-infrastructure spending. S&P 500 futures, down more than 1% at one point, were recently off about 0.5%, while Nasdaq 100 contracts also recovered part of a 1.6% slide.
Oracle — widely viewed as a proxy for AI-capex intensity — plunged over 10% premarket after cloud revenue missed expectations and the company raised its 2026 capital-spending target by $15 billion to $50 billion.
Skepticism toward big AI names lingered, with Nvidia leading the Magnificent Seven lower, Bitcoin drifting toward $90,000, and the dollar little changed.
The update revived anxiety about stretched tech valuations and whether enormous AI-infrastructure outlays will generate expected returns, prompting some investors to rotate away from mega-cap tech even as the broader US economy remains resilient.
Focus is now shifting to Broadcom’s earnings after the close, following a 180% rally from its April low.

Oracle’s results landed just as the S&P 500 ended Wednesday within reach of an all-time high, supported by the Federal Reserve’s rate cut and Chair Jerome Powell’s relatively upbeat economic assessment.
Markets took comfort from policymakers leaving room for additional easing next year, despite three dissents on the quarter-point cut. Traders continue to price in two cuts for 2026, versus the Fed’s projection of just one.
Treasuries extended Wednesday’s rally, with the 10-year yield slipping to 4.14% as the Fed paired its cut with plans to resume bill purchases to rebuild bank reserves.
The move halted a rise in global yields that had pushed one benchmark to its highest since 2009. Powell said the Fed has done enough to stabilize the labor market while keeping policy restrictive enough to cool inflation, with officials raising their 2026 growth forecast to 2.3% and expecting inflation to ease to 2.4% next year.

Docket
08:30 ET
Weekly US Initial Jobless Claims
Forecast: 220K | Prior: 191K | Range: 240K / 191K

US Trade Balance for September
Forecast: -63b | Prior: -59.6b | Range: -47.7b / -70.5b

Canadian Trade Balance for September
Forecast: -4.50b | Prior: -6.32b | Range: 1.30b / -6.91Bb

13:00 ET
US 30-Year Bond Auction
Prior High Yield – 4.694%
Prior Bid-to-Cover – 2.29

Speakesr
13:00 ET
White House Press Briefing with Press Sec. Leavitt

Earnings
16:15 ET
Broadcom Q4 2025 Earnings
Estimated Revenue: $17.47B
Estimated EPS: $1.87

Costco Q1 2026 Earnings 
Estimated Revenue: $67.07B
Estimated EPS: $4.28

Good Luck!