Morning Juice – US Session Prep (3rd February)

Sentiment
Global equity markets pushed higher as the world’s largest technology firms doubled down on spending to expand AI infrastructure, reinforcing confidence that the AI boom still has room to run. Nasdaq 100 futures rose 0.4% after erasing early losses, led by Meta, which announced plans to invest up to $135bn this year—well above expectations—alongside a stronger-than-expected revenue outlook. Microsoft slipped after flagging higher capex and slower cloud growth, but broader sentiment stayed constructive, with S&P 500 futures up 0.3% and Asian and European equities mostly higher.

Commodities extended a powerful rally as a softer dollar pushed gold and silver to new record highs. Gold climbed above $5,520/oz, silver’s year-to-date gains reached 66%, copper surged nearly 8% in London, and Brent crude hit its highest level since September. Treasuries slipped as investors weighed the risk that rising commodity prices could feed inflation pressures just as central banks look for room to ease policy.

AI investment headlines continued to build, with Nvidia, Microsoft and Amazon reportedly discussing up to $60bn in commitments to OpenAI, and Tesla planning a $2bn investment in xAI. The Fed held rates steady at 3.5%–3.75% in a 10–2 decision, removing language around rising downside risks to employment while upgrading its assessment of economic momentum to “solid.” Chair Powell struck a cautiously upbeat tone, pointing to improved growth and signs of labor-market stabilization, while reiterating that inflation remains “somewhat elevated.”

Docket
US JOLTS Job Openings delayed by partial government shutdown.
No noteworthy economic indicators

Speakers
8:00 ET
Fed’s Barkin speaks on the US Economy at SC First Steps Pastides Alumni Center
Text and Q&A are expected

9:40 ET
Fed’s Bowman participates in a moderated discussion at the WSJ Live event at West Palm Beach, Florida
No Text, Q&A is expected with a moderator

11:00 ET
Trump Meets Colombian President

14:00 ET
Trump participates in Signing Time

Earnings
16:05 ET
Super Micro Computers Q2 2026 Earnings
Estimated EPS: 48c
Estimated Revenue $10.4B

16:15 ET
AMD Q4 2025 Earnings
Estimated EPS: $1.32
Estimated Revenue $9.6B

Good Luck!