Morning Juice – US Session Prep (20th March)

Sentiment
US stocks and Treasuries fell more, but Brent rose as prospects of a de-escalation in the Middle East conflict faded.

S&P 500 futures lost 0.8%, marking the benchmark’s longest weekly losing streak since March 2025. Brent rose 1.8% above $110 per barrel. Treasury rates increased across the curve, with the two-year rate rising 9 bps to 3.89%. Gold was expected to have its worst weekly decline since the outbreak began

Sentiment fell on Friday as Axios reported that the US is considering taking over Iran’s Kharg Island, the Islamic Republic’s main oil export location, to exert pressure on Tehran to reopen the Strait of Hormuz.

Iran, meanwhile, continued to launch assaults on neighbouring countries despite Israel’s assurance that it would not target the Islamic Republic’s oil infrastructure.

Docket
08:30 ET
Canadian Retail Sales for January 
MoM – Forecast: 1.5% | Prior: -0.4% | Range: 1.5% / 0.2%
Core MoM – Forecast: 1.2% | Prior: 0.1% | Range: 1.5% / 0.2%

Speakers
08:30 ET
Fed’s Waller speaks on CNBC

10:30 ET
Trump at Trophy Presentation

13:30 ET
ECB’s Nagel gives a speech on the German economy in Goslar, Germany.

Good luck, and have a good weekend!