Morning Juice – US Session Prep (1st May)

Sentiment
US equity futures showed limited movement on Friday, pointing to a pause in the rally that has pushed Wall Street indexes to record highs on strong megacap tech earnings.

S&P 500 futures rose 0.1%, while Nasdaq 100 futures slipped 0.2% after both indexes closed at all-time highs on Thursday. Apple gained more than 3% in premarket trading after issuing a stronger-than-expected revenue outlook.

Most European markets were shut for the Labor Day holiday. The UK’s FTSE 100 fell 0.6%, weighed down by NatWest, which dropped as much as 4.7% after results missed some expectations.

Investors are taking stock following a volatile April, when oil prices jumped amid the Middle East conflict with no clear resolution. Despite that, US equities recorded their best month since 2020, driven by a rebound in technology shares and continued enthusiasm around artificial intelligence. The coming weeks will test whether that momentum can withstand rising costs and geopolitical uncertainty.

The yen moved in a narrow range after climbing as much as 0.7% against the dollar, building on gains following intervention by Japanese authorities a day earlier. The dollar was little changed after posting its worst monthly performance since June. Treasuries gave back part of the previous session’s gains, with the 10-year yield rising one basis point to 4.38%. Gold traded near $4,620 an ounce.

Oil remained on track for a second weekly gain as President Donald Trump reaffirmed a naval blockade of Iranian ports, raising concerns that the Strait of Hormuz may stay closed for an extended period. Brent for July traded above $111 a barrel, while West Texas Intermediate held above $105, leaving crude up about 12% for the week.

Docket
09:45 ET
US S&P Manufacturing PMI April Final 
Forecast:54 | Prior: 54 | Range: 54.1 / 53.7

10:00 ET
US ISM Manufacturing PMI for April
Forecast: 53.2 | Prior: 52.7 | Range: 56 / 47.5

Good luck!