S&P 500: Futures catch a breather around multi-week top below 3,300
|- S&P 500 Futures seesaws in a choppy range between 3,283 and 3,291.
- Risk-tone sentiment remains positive amid vaccine hopes, ignores US policy deadlock.
- Updates concerning the virus, the American fiscal stimulus remain as the key catalyst.
S&P 500 Futures stay mostly unchanged near the previous day’s close around 3,290 amid the initial hour of Tokyo open on Tuesday. The risk barometer refreshed the highest levels since February 24 on Monday.
The move could have gained clues from upbeat performance technology giants while also cheering upbeat US data. Further, US President Donald Trump’s optimism concerning the coronavirus (COVID-19) vaccine adds to the broad optimism.
On the contrary, warnings from the World Health Organization (WHO) join the lack of agreement among the American Congress members for jobless claim benefits to challenging the market sentiment. Also acting as the market-negative catalyst is strict lockdown measures in Australia’s Victoria and the latest headlines from Global Times suggesting China will expel US journalists in Hong Kong.
Amid all these catalysts, Japan’s Nikkei gains near 1.5% to 22,532 whereas the US 10-year Treasury yields take rounds to 0.56% as we write.
Although Aussie data and RBA can entertain Asian traders, major attention will be given to how the US policymakers unveil details of the much-awaited fiscal package. Further, second-tier American data and global combat with the COVID-19 can also entertain the traders. It should also be noted that a slew of earnings reports from the key US enterprises will also direct the S&P 500 Futures.
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