Morning Juice – US Session Prep (2nd June)

Sentiment
The US equity rally paused after the S&P 500’s longest winning streak in more than a year, as investors weighed continued AI enthusiasm against uncertainty around the Middle East conflict.
Futures slipped slightly after eight straight gains, but tech remained a clear support, with Marvell jumping in premarket trade after Jensen Huang said it could become the next trillion-dollar company.
More broadly, the market is still being pulled higher by AI optimism even as the geopolitical backdrop remains unresolved.

Oil eased back after a sharp run higher, with Brent down 1% to around $94 a barrel as Trump said he was still optimistic about securing an interim peace agreement with Iran within a week.
But Tehran’s threat to suspend negotiations shows how fragile that outlook remains, and markets still have to price a wide range of possibilities, from a sharp drop in crude if talks progress to a renewed push higher if the conflict worsens.
Treasuries recovered modestly, the dollar was little changed, and the broader market tone suggests investors are still trying to balance strong AI-driven risk appetite with the unresolved energy and inflation risks coming from the Middle East.

Docket
10:00 ET
US JOLTS Job Openings for April
Forecast: 6.865M | Prior: 6.866M | Range: 7.05M / 6.7M

Speakers
08:30 ET
Fed’s Hammack [FOMC Voting Member] speaks on monetary policy in a moderated Q&A at The City Club of Cleveland
Text: Yes. Q&A: Yes, audience.

09:35 ET
ECB’s Vujcic gives online remarks at an Icelandic conference on the occasion of the publication of the report by Catherine Mann on Iceland’s currency options.
No text will be made available

10:00 ET
BoE’s Gov. Bailey appears in a hearing with the House of Lords Economic Affairs Committee.

11:00 ET
BoE’s Greene delivers a speech on “assessing the inflation risks from the recent energy shocks” at the University of Derby Business School.
A text will be released at 16:00 UK time.

11:00 ET
ECB’s Sleijpen speaks in an annual appearance in parliament in The Hague for a hearing on financial stability

14:00 ET
US Secretary of State Rubio Testifies on The Budget.

Good luck!