Morning Juice – US Session Prep (11th August)

Sentiment
Treasuries fell and equity futures were mixed as rising oil prices brought inflation concerns back into focus ahead of US CPI.
The 10-year Treasury yield rose to 4.72% as Brent approached $90 a barrel, while UK and German bond yields also moved higher.
Hopes for a reopening of the Strait of Hormuz weakened after Trump made fresh demands on Iran, pushing crude higher for a fifth straight session.

Attention now turns to CPI for guidance on the Fed outlook after softer US data reduced expectations for an immediate hike. Equities remain supported by strong earnings, with S&P 500 profit growth tracking around 32% year-on-year in Q2 and further gains above 20% expected over the next two quarters, while AI spending continues to underpin the outlook for US growth and large-cap stocks.

Docket
10:00 ET
US Existing Home Sales for July
Forecast: 4.05M | Previous 4.09M | Range 4.18M / 3.88M

11:00 ET
NY Fed Credit Report

12:00 ET
EIA STEO Report (Tentative)

13:00 ET
US 3-Year Note Auction
Prev. High Yield 4.179%,
Prev. Bid-to-Cover 2.6

Speakers
12:00 ET
Fed’s Goolsbee appears on WIRED Tech Support on YouTube.
Text: No. Q&A: Yes, moderator

Good luck!