Morning Juice – US Session Prep (22nd April)

Sentiment
US stock futures moved higher after Trump extended the ceasefire with Iran indefinitely, helping markets shift some attention back toward a busy earnings calendar. S&P 500 futures rose 0.5% after the index’s first back-to-back decline this month, even as Brent briefly moved back above $100 a barrel when planned talks in Islamabad failed to take place and the Strait of Hormuz remained largely closed. European equities were mixed, while bond markets were steadier, with the 10-year Treasury yield little changed, the dollar slightly weaker, gold above $4,750, and Bitcoin rising to its highest level since February.

The market is being pulled in two directions. On one side, earnings season has started strongly, with around 82% of reporting S&P 500 companies beating expectations so far, and AI-linked stocks continue to benefit from strong demand and optimism around the technology buildout. Tesla, several semiconductor names including Texas Instruments and Lam Research, and Boeing are all key focus points next. On the other side, oil remains an unresolved source of risk, with no clear agreement to reopen Hormuz and Iran’s Revolutionary Guard seizing two vessels on Wednesday.

So the broader tone remains constructive, but fragile. Strong earnings and AI momentum are helping equities stay supported near record levels, yet persistent disruption in energy markets means volatility is still close to the surface.

Docket
10:30 ET
Weekly EIA Crude Oil Inventories
Forecast: -2M | Prior: -0.913M | Range: 3.949M / -3.495M

13:00 ET
US 20-Year Bond Auction
Prior High Yield – 4.817%
Prior Bid-to-Cover – 2.76

Earnings 
16:05 ET
TESLA Q1 2026 Earnings
Estimated Revenue – $22.27B
Estimated EPS – $0.35

16:10 ET
IBM Q1 2026 Earnings
Estimated Revenue – $15.67B
Estimated EPS – $1.80

Speakers & Events
08:15 ET
ECB’s Lane speaks in a panel discussion at the pre-presidency Irish Financial Issues Conference

10:00 ET
US Treasury Sec. Bessent Testifies in Congress.
USTR Greer Testifies on Trade

11:10 ET
ECB’s Sleijpen speaks at the Jeroen Bosch Summit

13:00 ET
ECB’s Nagel speaks on the digital Euro in Brussels

13:30 ET
ECB’s President Lagarde speaks on global challenges at the London School of Economics

Good Luck!