Morning Juice – US Session Prep

Morning Traders!
It is Thursday the 2nd of May, here are some things to look out for.

Sentiment
US stock futures rose this morning as traders digested Powell’s signal that there is no plan to raise rates, and investors look ahead to Apple’s earnings after the close.

Markets are cheering the Fed’s more dovish tone than some had expected, despite a flood of reports pointing to persistent inflation pressures. Chair Jerome Powell stated that raising interest rates is unlikely to be the central bank’s next action, and that authorities would need to see compelling evidence that policy is not tight enough to bring inflation back to the 2% objective.

The yen was the focus of interest in foreign exchange markets, with another day of large fluctuations amid rumours that Japanese officials had intervened to boost the currency.

Docket
08:30 ET
US Trade Balance for March
Median Forecast: -$69.7B | Prior: -$68.9B | Range: -$66.8B / -$71.1B

US Weekly Initial Jobless Claims
Median Forecast: 211K | Prior: 207K | Range: 215K / 208K

Canadian Trade Balance for March (CA$)
Median Forecast: $1.21B | Prior: $1.39B | Range: $2B / $0.21B

10:00 ET
US Factory Orders MoM for March
Median Forecast: 1.6% | Prior: 1.4% | Range: 2.9% / 0.3%

11:30 ET
US sells $70 bln 4-Week Bills

Speakers
08:45 ET
BoC’s Governor Macklem Speaks & Senior Deputy Governor Carolyn Rogers speak in the House of Commons Standing Committee on Finance about the bank’s latest economic forecasts.

16:15 ET
ECB’s Lane gives a virtual guest lecture at the University of Stanford in Stanford, USA.

Earnings
16:30 ET
Apple Q2 2024 Earnings
Est EPS: $1.50
Est Rev.: $90.33B

Good luck, Traders!