Preheat the oven to 350°F. Spray a 9x5-inch loaf pan with PAM spray and set aside.

In a large mixing bowl, whisk together the sugar, whole milk, oil, and egg until smooth.

Stir in the vanilla extract and almond extract.

In a separate bowl, whisk together the flour, baking powder, and salt.

Add the dry ingredients to the wet mixture and stir gently until just combined. Avoid overmixing — a few streaks of flour are fine.

Drain the maraschino cherries thoroughly, pat them dry, and fold them into the batter.

Spoon the batter into the prepared loaf pan and smooth the top.

Bake at 350°F for 50-65 minutes, or until a toothpick inserted near the center comes out with a few moist crumbs.

If the top browns too fast, tent loosely with foil for the last 15 minutes.

Let the loaf cool in the pan on a rack for 10-15 minutes, then remove and cool another 20 minutes before glazing.

In a small bowl, whisk the powdered sugar, almond extract, vanilla extract, and melted butter.

Add the cherry juice gradually until the glaze reaches a thick but pourable consistency.

Drizzle over the slightly warm loaf and let glaze firm for 15-20 minutes before slicing.