Morning Juice – US Session Prep (17th February)

Sentiment
US equity futures slipped as traders returned from the holiday break, with technology stocks leading declines amid renewed concerns around AI. Nasdaq 100 contracts fell 0.9% and S&P 500 futures dropped 0.4%, with all of the “Magnificent Seven” trading lower in premarket. In Europe, the Stoxx 600 was little changed, while sterling weakened after UK unemployment rose to its highest level in nearly five years.

Investors are reassessing the pace and payoff of heavy AI spending, even as geopolitical tensions in the Middle East add to the cautious tone. Attention now turns to the upcoming US private-sector jobs data for further clues on the Fed’s rate path.

In rates and FX, Treasuries firmed, with the 10-year yield down two basis points to 4.03%, supported by last week’s softer inflation print and a broader risk-off mood. The yen gained 0.3% against the dollar. Precious metals retreated, with gold sliding toward $4,900 an ounce and silver falling more than 3%, while Bitcoin eased 1.5%.

Docket
08:30 ET
Canadian CPI for January
YoY – Forecast: 2.4% | Prior: 2.4% | Range: 2.5% / 2.3%
MoM – Forecast: 0.2% | Prior: -0.2% | Range: 0.2% / 0%

Speakers
12:45 ET
Fed’s Barr speaks on AI and the labor market at the NY Association for Business Economics.
Text: No. Q&A: Yes, moderator

14:00 ET
Trump participates in Ambassador Credentialing.

14:30 ET
Fed’s Daly speaks on AI and the economy at San Jose State University.
Text: Yes. Q&A: Yes, moderator.

16:00 ET
Trump participates in a Policy Meeting

Good luck!