This day's a spinning circus on a wheel

[Unregistered]

<Don't know if our fate's already sealed
This day's a spinning circus on a wheel >

That is a part of the song 'Ashes and wine by a fine frenzy
1) Is 'This day's' a 'be verb contraction' or the possessive case?
2) What is the meaning of 'This day's a spinning circus on a wheel'?
Thanks in advance.

[bhaisahab]

<Don't know if our fate's already sealed
This day's a spinning circus on a wheel >

That is a part of the song 'Ashes and wine by a fine frenzy
1) Is 'This day's' a 'be verb contraction' or the possessive case?
2) What is the meaning of 'This day's a spinning circus on a wheel'?
Thanks in advance.

'This day's a ....' is a contraction of 'This day is a....' As for the meaning, in common with many song lyrics it means what you or the songwriter want it to mean.