S&P 500 Futures looks to regain 3,600 as US GSA begins Biden transition
|- S&P 500 Futures gains half a percent in a fresh bid wave, Wall Street also marked upbeat performance in the last hours.
- Trump concedes defeat while ordering the GSA to start the transition.
- Odds that ex-Fed Chair Yellen will become Treasury Secretary, vaccine hopes and Brexit optimism also favor the bulls.
S&P 500 Futures rises over 18 points, or 0.52% intraday, ahead of Tuesday’s Tokyo open. The US equity derivatives recently gained support from the news that US President Donald Trump finally accepted his defeat and ordered the General Services Administration to begin the power shifting to President-elect Joe Biden.
Read: US GSA: President-elect Joe Biden can formally begin transition process
Other than the transition headlines, chatters concerning Janet Yellen’s return to the US policy board, this time as a Treasury Secretary, earlier favored markets during the last hours of Wall Street’s moves. Yellen has successfully battled slowdown fears while being in power at the Fed and is expected to help the US overcome the coronavirus (COVID-19) crisis if chosen for the stated role, as indicated by CNN.
Further, increasing odds of the soft Brexit and further developments surrounding the covid vaccine are certain other catalysts that favor the market’s risk-on mood. Additionally, upbeat prints of the US PMIs for November offer extra support to the optimists.
On the contrary, signals that the US is forming a Western alliance to combat the China-led trade group join the fear of rising COVID-19 hospitalization in America to challenge the bulls.
Looking forward, comments from BOJ and the Federal Reserve policymakers can entertain market players amid a light calendar. However, any updates from US politics and/or virus will be the key to watch.
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.