Morning Juice – US Session Prep (3rd June)

Sentiment
US equity futures edged slightly lower after a strong AI-led rally pushed major indices to record highs. The move higher has remained heavily concentrated in technology and semiconductor stocks, with AI-related names continuing to outperform while much of the broader market has lagged. That leaves the rally looking powerful at the index level, but still quite narrow underneath the surface.

The more immediate risk is the renewed rise in oil. Brent climbed back above $98 a barrel as tensions in the Middle East threatened the fragile US-Iran ceasefire, pushing bond yields higher as investors reconsider the inflation outlook. The dollar also firmed modestly, while markets continued to watch diplomatic developments alongside ongoing military activity. The broader market is now caught between strong AI momentum on one side and rising energy prices and yields on the other.

Docket
08:15 ET
US ADP Employment Change for May
Forecast: 120k | Prior: 109k | Range: 145k / 57k

09:45 ET
US S&P Services PMI May Final
Forecast: 51 | Prior: 50.9 | Range: 54.4 / 50.9

10:00 ET
US ISM Services PMI for May
Services – Forecast: 53.8 | Prior: 53.6 | Range: 54.9 / 52
Prices Paid – Forecast: 72.3 | Prior: 70.7 | Range: 75 / 68
Employment – Forecast: 49 | Prior: 48 | Range: 50 / 47

10:00 ET
US Factory Orders for April
Forecast: 4.6% | Prior: 1.5% | Range: 6% / 0.5%

10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: -3M | Prior: -3.327M | Range: -2M / -4.789M

14:00 ET
Fed’s Beige Book

Speakers
09:00 ET
Fed’s Barr speaks in a Moderated Discussion Community Development Bankers Association (CDBA) Peer Forum 2026
Text: No. Q&A: Yes, moderator.

09:30 ET
ECB’s Cipollone gives an introductory statement at a hearing on the digital euro before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, Belgium.
The text will be made available on the ECB’s website.

10:00 ET
US Treasury Sec. Bessent Testifies to Congress.

16:00 ET
Fed’s Logan [FOMC Voting Member] participates in a moderated conversation at the University of Texas at El Paso.
Text: No. Q&A: Yes, moderator

Earnings
16:15 ET
Broadcom Q2 2026 Earnings
Est. EPS: $2.39
Est. Rev: $22.1B

Good luck!