Morning Juice – US Session Prep (17th March)

Sentiment
Stock futures moved lower as oil prices rebounded after strikes on major energy infrastructure in the Middle East, with US fuel prices rising above $5 a gallon for the first time since 2022. S&P 500 futures fell 0.2% as the previous session’s optimism faded, while Brent crude pushed back toward $103 a barrel after Iran struck energy facilities around the Persian Gulf. Treasuries and the dollar were little changed.

The US-Israeli assault on Iran continues to weigh on market sentiment, with Bank of America’s latest fund manager survey showing investors turning more negative and holding higher cash balances. Its broadest measure of market mood fell to a six-month low in March.

Even so, there were still pockets of resilience. Nvidia rose 0.3% in early trading after signalling it aims to generate at least $1 trillion in revenue from its flagship AI chips by 2027, while most European and Asian equity indexes moved higher following Monday’s rally in US markets. Europe’s Stoxx 600 also advanced and was on track for its first back-to-back gains since the war began.

Docket
10:00 ET
US Pending Home Sales Change
Forecast: -0.6% | Prior: -0.8% | Range: 7.2% / -6%

13:00 ET
US sells $13 bln 20-Year Bonds
Prior High Yield: 4.664%
Prior Bid-to-cover 2.36

Speakers
11:00 ET
Trump bilateral meeting with the Taoiseach of Ireland

12:10 ET
Trump at Friends of Ireland Luncheon

Good luck!