S&P 500 Futures ease from record top above 4,150 amid market consolidation
|- S&P 500 Futures trim the intraday losses during the pullback moves from all-time high.
- Challenges to US President Joe Biden’s infrastructure spending, covid fears seem to weigh on sentiment amid quiet session.
S&P 500 Futures pick-up bids from intraday low around 4,161 to trim the day’s losses to 0.20% while flashing 4,168 as a quote during early Monday.
In doing so, the risk barometer takes clues from chatters surrounding US President Joe Biden’s $2.25 trillion infrastructure spending as well as the coronavirus (COVID-19) infection fears, mainly emanating from Europe and Asia.
US Republicans recently reiterate their dislike for President Biden’s tax hike while showing readiness to asset the infrastructure spending if the Democratic Party member steps back on the outlays. Unconfirmed rumors also swirled that Biden is up for stepping back tax proposal of 28% to 24%.
Elsewhere, the global covid death toll jumped past three million, per Bloomberg, as the pandemic’s resurgence in Europe, India and some other Asian nations like the Philippines highlight the COVID-19 fears. Furthermore, the US-China and the Washington-Kremlin tussles add to the risk-off mood.
However, pessimists are questioned over the upbeat US data and faster vaccinations in the US and the UK, as well as the opening up of the trans-Tasman travel bubble.
Amid these plays, the US 10-year Treasury yield drops 1.1 basis points (bps) to 1.56% whereas the US dollar index (DXY) bounces off a one-month low to 91.68, up 0.15% intraday by the press time.
Given the lack of major data/events, except for Canada’s annual budget and Japanese Industrial Production for February, market players need to pay attention to the risk headlines for fresh impulse.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.