Morning Juice – US Session Prep (9th February)

Sentiment
Stocks slumped in cautious trading following a week of dramatic fluctuations linked to the artificial intelligence trade. Treasuries fell after Chinese regulators ordered banks to reduce their holdings of US paper.
S&P 500 futures fell 0.1%, as technology firms came under additional pressure. The yield on 10-year Treasuries increased three basis points to 4.24%. The dollar fell 0.3%, bolstering gold and silver. Bitcoin dropped below $69,000.
Domestic politics had a significant impact on Monday’s markets. Japanese stocks and rates rose after Prime Minister Takaichi’s landslide election victory gave her a strong mandate to pursue pro-stimulus policies. Longer-dated UK gilts declined as uncertainty over Prime Minister Sir Keir Starmer’s future fueled fears about political stability.
Tech stocks had plummeted due to concerns about the billions of dollars being spent on AI. The announcement of Anthropic PBC’s new automation tool added to the pressure, as investors avoided firms perceived to be sensitive to AI disruption. Contracts on the Nasdaq 100 fell 0.3% on Monday following a big relief surge at the conclusion of last week.

Docket
11:00 ET
NY Fed Survey of Consumer Expectations

Speakers
11:00 ET
ECB’s Nagel joins a panel discussion on inflation in Karlsruhe, Germany.

11:00 ET
ECB’s President Lagarde Speaks in the EU Parliament in Strasbourg.

13:30 ET
Fed Governor Christopher Waller speaks on digital assets at event organized by the Global Independence Center Conrad Prebys Center for the Performing Arts.
Text: No. Q&A: Yes, moderator.

14:30 ET
BoE’s Mann speaks on a panel at the Global Interdependence Centre conference in San Diego.

14:30 ET
Fed’s Miran participates in a moderated conversation at Boston University.
Text: No. Q&A: Yes, moderator

15:15 ET
Fed’s Bostic will participate in a moderated conversation with Bill Watts, editor of Pro Farmer.
Text: No. Q&A: Yes, moderator.

17:00 ET
Fed’s Miran interviewed on WBUR Podcast WBUR CitySpace.
Text: No. Q&A: Yes, moderator

Good Luck!