Morning Juice – US Session Prep (16th March)

Sentiment
US stock futures moved modestly higher as oil prices reversed an earlier rise, helped by optimism that more tankers may be able to cross the Strait of Hormuz as talks continue over securing the waterway. S&P 500 futures rose 0.7%, putting the index on course for its first gain in five days, after Trump stepped up pressure on other nations to help reopen the route and said the US was in talks with Iran. NATO also said several member states were discussing Hormuz security with the United Nations and other countries.

Even with oil infrastructure still under pressure and crude remaining well above $100 a barrel, prices fell nearly $4 from earlier highs. India is hoping to move six more vessels through after two ships made the passage over the weekend, while other countries are also seeking ways to secure safe transit for tankers.

Treasury yields eased slightly after five straight sessions of gains, the dollar slipped 0.4% from three-month highs, and Europe’s Stoxx 600 rose 0.2% after recovering earlier losses. The broader market tension remains the same: oil above $100 is adding to inflation concerns, but it is also expected to weigh on growth, leaving uncertainty over how policymakers will respond.

Docket
08:30 ET
Canadian CPI for February 
YoY – Forecast 1.9%, Previous 2.3% | Range: 2% / 1.8%
MoM – Forecast 0.7%, Previous 0.0% | Range: 0.7% / 0.6%

09:15 ET
US Industrial Production for February 
Forecast 0.1%, Previous 0.7% | Range: 0.4% / -0.3%

Speakers & Events
14:00 ET
NVIDIA GTC AI Conference

14:30 ET
Trump Interview
[Closed Press]

15:30 ET
Trump and VP Vance Signing Time

16:00 ET
Trump meets Japanese Ambassador
[Closed Press]

Good luck!