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Preheat the oven to 350°F (175°C). Spray a 9×5-inch loaf pan with nonstick spray and set aside.
In a large mixing bowl, whisk together sugar, milk, oil, egg, vanilla, and almond extract until smooth.
In a separate bowl, whisk flour, baking powder, and salt.
Gradually add the dry ingredients to the wet mixture, stirring just until combined.
Fold in the maraschino cherries gently with a rubber spatula.
Pour the batter into the loaf pan and smooth the top.
Bake for 55–60 minutes or until a toothpick inserted in the center comes out clean.
Cool in the pan for 20 minutes, then transfer to a wire rack to cool completely.
For the glaze, whisk together powdered sugar, almond extract, vanilla extract, melted butter, and cherry juice until smooth.
Pour glaze over the cooled loaf and let it set before slicing.