Morning Juice – US Session Prep (6th February)

Sentiment
Dip buyers propelled a rally in US markets, thinking that the three-day selloff sparked by technology firms had been overdone. Bitcoin climbed as the risk-off tone eased.
Nasdaq 100 contracts rose 0.6% following a roughly 4% drop in the benchmark this week. Amazon fell 8.2% in early trading after announcing plans to spend $200 billion this year on artificial intelligence capabilities. Chipmakers and memory companies, such as Nvidia and Sandisk. were among the largest winners. S&P 500 futures advanced 0.5%.
Gold and silver found strength at the end of a period in which investors retreated from previous popular trades. Bitcoin recovered more than 5% after falling to its lowest level since October 2024.
Investors have been alarmed by developments on two fronts: the launch of models from AI company Anthropic that threaten to render broad swaths of software services obsolete, and tech companies’ exorbitant expenditure plans. Four of the largest technology companies intend to invest around $650 billion this year in data centres and the equipment needed to run them.

Docket
8:30 ET
Canadian Unemployment Rate for January
Forecast: 6.8% | Prior: 6.8% | Range: 6.9% / 6.6%
Canadian Employment Rate  for January
Forecast: 5K | Prior: 8.2K | Range: 15K / -15K

10:00 ET
University Michigan Sentiment Prelim for February
Forecast: 55 | Prior: 56.4 | Range: 59 / 52

Speakers
12:00 ET
Feds Jefferson speaks on the economic outlook and supply-side inflation dynamics at the Brookings Institution in Washington
Text and Q&A is expected with a moderator

Good Luck