Morning Juice – US Session Prep (2nd April)

Sentiment
Stocks and bonds slumped as oil soared again, with President Donald Trump crushing hopes that the Middle East war is nearing an end and that interruptions to energy exports will reduce.Nasdaq 100 contracts fell 2% ahead of a premarket selloff in key tech firms and chipmakers. S&P 500 futures fell 1.6%. Brent rose 8.2% to just than $109 per barrel after Trump used a prime-time address to promise more tough action against Iran but offering no specific plans to reopen the Strait of Hormuz. European diesel futures reached $200 per barrel.Bonds fell as speculators placed new bets on tighter monetary policy, anticipating that oil prices would remain high for an extended period of time. The dollar rose to its highest level in a week, while gold broke a four-day rally.

Docket
08:30 ET
February Data
US Trade Balance – Forecast -61.0B, Previous -54.5B | Range: -59.8B / -69.3B
Canadian Trade Balance – Forecast -2.50B, Previous -3.65B | Range: -1.50B / -4.30B

Weekly Jobless Claims
US Initial Jobless Claims – Forecast 212K, Previous 210K | Range: 220K / 200K
US Continued Jobless Claims – Forecast 1.837M, Previous 1.819M | Range: 1.85M / 1.815M

Events & Speakers
10:15 ET
Fed’S Logan speaks at the Eleventh District Banking Conference, Dallas Fed
Text: Yes; Q&A: yes with a moderator

11:30 ET
ECB’s Villeroy Speaks in Paris

12:45 ET
Fed’s Bowman speaking in a fireside chat at the Eleventh District Banking Conference, Dallas Fed
(Closed Press Event)

Good Luck!