Morning Juice – US Session Prep (23rd January)

Sentiment
US equities steadied on Friday after a volatile week, with the S&P 500 on track for its first back-to-back weekly decline since June as investors remained cautious. Futures were little changed, leaving the index down around 0.4% for the week, while Intel slumped 13% premarket after flagging ongoing manufacturing issues. Elsewhere, the dollar headed for its weakest week in seven months, as emerging-market stocks and currencies extended a strong start to the year, reflecting a broader rotation away from US-centric risk.

That shift has been driven in part by rising policy and geopolitical noise, highlighted this week by President Trump’s renewed push to tighten US control over Greenland. While longer-term confidence in US equities remains intact, investors are increasingly diversifying toward markets offering greater stability and clearer catalysts. In rates, Treasury yields stayed elevated, with the 10-year near its highest level since September. Meanwhile, gold briefly surged above $4,950 an ounce before paring gains, but still looks set for its strongest weekly performance since the early days of the pandemic, underscoring persistent demand for hedges amid uncertainty.

Docket
08:30 ET
Canadian Retail Sales for November
MoM – Forecast: 1.2% | Prior: -0.2% | Range: 1.4% / 1%
Core MoM – Forecast: 1% | Prior: -0.6% | Range: 1.6% / 0.7%

09:45 ET
US S&P PMI January Prelim
Manufacturing – Forecast: 52 | Prior: 51.8 | Range: 52.7 / 48.1
Services – Forecast: 52.9 | Prior: 52.5 | Range: 54 / 52.8

10:00 ET
University of Michigan Sentiment Survey January Final
Sentiment – Forecast: 54 | Prior: 54 | Range: 55 / 53.5
1-Year Inflation – Forecast: 4.2% | Prior: 4.2% | Range: (no range, 4.2%)
5-Year Inflation – Forecast: 3.4% | Prior: 3.4% | Range: 3.4% / 3.3%

Good luck!