Morning Juice – US Session Prep (5th February)

Sentiment
US equity futures reversed earlier gains as investors debated whether the selloff in technology stocks — spanning software to chipmakers — has gone too far. Nasdaq 100 futures fell 0.8% after being up as much as 0.7% earlier, with the index wiping out its year-to-date gains over the past two sessions. Alphabet’s aggressive AI-related spending plans boosted some infrastructure names like Broadcom, even as Google’s parent slid 5% in premarket trade. S&P 500 futures dropped 0.5%, with investors rotating toward sectors that benefit from faster economic growth amid concerns over AI disruption, lofty valuations, and heavy capex.

Stress spread across asset classes. Silver plunged as much as 17% following a historic rout, while gold hovered near $4,900/oz. Bitcoin fell below $70,000 for the first time since 2024. The dollar rose 0.2% to a two-week high as precious metals sold off, while Treasury yields declined after data showed US companies announced the largest number of January job cuts since 2009. The 10-year yield fell as bonds caught a bid amid the broader risk repricing.

In Europe, the Bank of England narrowly voted 5–4 to hold rates at 3.75%, coming within one vote of a cut. The pound extended losses, weighed down by political turbulence, while traders ramped up bets on a March rate cut, sending two-year gilt yields eight basis points lower. The ECB is expected to stand pat later in the day, with the euro little changed.

Docket
08:30 ET
US Weekly Jobless Claims
Initial Claims – Forecast: 212k | Prior: 209k | Range: 225k / 200k
Continued Claims – Forecast: 1.85M | Prior: 1.827M | Range: 1.9M / 1.825M

10:00 ET
US JOLTS Job Openings for December
Forecast: 7.25M | Prior: 7.146M | Range: 7.407M / 7M

Speakers
08:30 ET
Trump Attends National Prayer Breakfast.

08:45 ET
ECB Press Conference with President Lagarde following the ECB rate decision.

10:50 ET
Fed’s Bostic will participate in a moderated conversation and Q&A with Silvanus J. Udoka, dean of the School of Business at Clark Atlanta University.
Text: No. Q&A: Yes.

12:40 ET
BoC’s Governor Macklem speaks at the Empire Club of Toronto’s Forces Reshaping Canada’s Economy in 2026 event.

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

Earnings
16:00 ET
Amazon Q4 2025 Earnings
Est. EPS: $1.96
Est. Rev: $211.49B

Good luck!