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Preheat the oven to 350°F. Spray a 9×5 loaf pan with baking spray and set on a baking sheet.
In a large 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 into the wet and stir just until combined.
Fold in the halved cherries gently with a rubber spatula.
Pour the batter into the prepared pan and bake for 55–60 minutes, or until a toothpick comes out clean.
Let the loaf cool for 20 minutes in the pan, then transfer to a wire rack to cool completely.
In a medium bowl, whisk together powdered sugar, melted butter, almond extract, vanilla, and cherry juice until smooth.
Pour the glaze evenly over the cooled loaf and let it set before slicing and serving.