Morning Juice – US Session Prep (5th May)

Sentiment
US market futures rose and oil prices fell as the Middle East ceasefire appeared to hold. Traders are also expecting that strong results will drive shares higher.

S&P 500 futures rose 0.4%. The Nasdaq 100 index climbed 0.6%, putting it on track to reach fresh highs when the market opens. Premarket trading saw some of the highest gains for processor and memory chip manufacturers. A projection from AMD later on Tuesday will provide additional evidence of whether the AI spending boom is sustainable.

Meanwhile, bonds had some relief as Brent fell 1.3% to below $113 per barrel. The UK was an exception, as traders returned from a public vacation to catch up with a global surge in yields. The Dollar remained unchanged.

While global stocks are near record highs, the market is not complacent, as the current breadth is tight and consumer stocks remain at low levels. They anticipate greater results from consumer cyclicals in the second part of the year.

Docket
08:30 ET
US Trade Balance for March
Forecast: -60.9B | Prior: -57.3B | Range: -57.6B / -65.2B

09:45 ET
US S&P Services PMI April Final
Forecast: 51.3 | Prior: 51.3 | Range: 51.7 / 51.3

10:00 ET
US ISM Services PMI for April
Forecast: 53.7 | Prior: 54 | Range: 55.6 / 53

10:00 ET
US JOLTS Job Openings for March
Forecast: 6.85M | Prior: 6.882M | Range: 7.1M / 6.65M

Speakers
10:00 ET
Fed Vice Chair for Supervision Bowman speaks at the 2026 Women in Housing and Finance Symposium
Text: TBA. Q&A: Yes, moderator

10:30 ET
Trump signs a proclamation.

11:40 ET
ECB’s Lane gives keynote speech at Climate, Nature and Price Stability Conference organized by ECB, Frankfurt School, and CETEX in Frankfurt.
The text will be made available on the ECB’s website.

12:30 ET
Fed’s Barr takes part in a moderated conversation about his career path and international financial regulation. The Magdalen College Auditorium, Oxford, UK.
Text: TBD. Q&A: Yes, moderator

15:00 ET
US Secretary of State Rubio speaks in a press briefing

Earnings
16:15 ET
AMD Q1 2026 Earnings
Est. EPS: $1.28
Est. Rev: $9.89B

16:50 ET
Super Micro Q3 2026 Earnings
Est. EPS: $0.63
Est. Rev: $12.49B

Good luck!