S&P 500 Futures catch a breath after Wall Street’s rise, US yields, Asian stocks remain positive

S&P 500 Futures fail to copy Wall Street’s performance.
US Treasury yields, Asian stocks keep cheering nearness to the US COVID-19 bill.
Coronavirus fears loom, New Zealand declares national emergency after India’s lockdown.

Anil Panchal FXStreet

While waiting for the US COVID-19 Bill, S&P 500 Futures register 0.73% loss to 2,420 amid the initial minutes after the Tokyo open on Wednesday. The DJI30 Futures also join the line with a 0.50% loss to 20,500 by the press time. However, the US 10-year treasury yields and stocks in early Asia-Pacific markets portray the risk-on.

The recent step back in the US stock futures could be traced to the bull’s pause after the noticeable run-up the previous day. The US equities registered heavy upside on Tuesday with the Dow Jones Industrial Average 30 (DJI30) notching a record one day gain and its best percentage gain since 1933. The S&P 500 also marked 9.38% gains while closing near 2,447 on yesterday.

Read: Wall Street's stocks soared Tuesday, DJIA rose 2,112.98 points

On the other hand, the US 10-year treasury yields add five basis points (bps) to 0.87% while stocks in Japan, South Korea, Australia and New Zealand flash gains more than 3.0% each.

The US policymakers are near to vote on the estimated $2 trillion aid package to conquer the negative implications of the deadly disease.

It should be noted that the coronavirus (COVID-19) risk remains present to cap the market’s optimism. The latest moves to curb the disease from spreading came from New Zealand that announced a national emergency following India’s three-week lockdown to combat the virus.

For the day to come, investors will keep eyes on the virus headlines while the US Durable Goods Orders may offer intermediate moves.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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