S&P 500 Futures gain half a percent as US Senators discuss infrastructure spending


  • S&P 500 Futures ignore Friday’s pullback from record top, grinds higher of late.
  • Republican Senator Rob Portman hints $550 billion in new spending.
  • Democratic leaders ask President Biden to extend the moratorium on housing evictions.
  • US-China jitters, covid updates and PMIs are extra catalysts to watch.

S&P 500 Futures pick up bids around 4,410, up 0.50% intraday, as policymakers haggle over President Joe Biden’s infrastructures spending bill on early Monday in Asia.

After wrangling over the bill on Sunday, Senators have introduced the bill on the floor, per a Democrat Kyrsten Sinema, per Reuters.

The piece also mentioned, “US house democratic leaders ask biden administration to extend the moratorium on housing evictions through October 18.” Reuters also said, “Senator Rob Portman, an Ohio Republican, said the bill included $550 billion in new spending. This was expected to go to projects including roads, rail, electric vehicle charging stations and lead water pipe replacements on top of $450 billion in previously approved funds.”

Read: $1 trillion bipartisan infrastructure bill on Senate floor

It’s worth noting that the policymakers’ expectations that the plan will be through the Senate during this week, per Reuters, improve market sentiment even as the coronavirus conditions and the US-China tussles continue.

Talking about the covid conditions, virus numbers in the UK and the US ease but Delta covid strain woes remain intact in Australia and Japan. Additionally, the recently slowing inoculation in Asia-Pacific also raises challenges for the market sentiment.

Elsewhere, the US and Chinese regulators jostle over Beijing-backed companies listing and public offering norms with the latter seemed more hopeful.

The US-UK allegations over Iran for Thursday’s attack on an Israeli ship and recently soft PMI data from China were extra catalysts, not to forget Japan’s pension fund’s cut in US bond weight, that tried to roil the market’s mood but have failed so far amid a quiet session in Asia.

Looking forward, market players will be more interested in directing monetary policy moves of RBA, BOE and the Fed, for which activity and jobs numbers will be the key to follow during the week.

Read: Forex Today: Dollar to remain on the losing side

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Gains look capped near 0.6800

AUD/USD: Gains look capped near 0.6800

AUD/USD lost ground for the third session in a row and revisited the 0.6720-0.6715 band following the generalized bearish performance of commodities and ahead of the key release of the Australian labour market report.

AUD/USD News

EUR/USD keeps the bid tone in place ahead of ECB

EUR/USD keeps the bid tone in place ahead of ECB

EUR/USD added to Tuesday’s advance and rose to new highs around 1.0950 in response to extra weakness in the Greenback and rising expectations prior to the ECB gathering on Thursday.

EUR/USD News

Gold retreats from record highs, retains the bullish stance

Gold retreats from record highs, retains the bullish stance

Gold trades flat on the day below $2,470 after touching a new record high above $2,480 in the Asian session on Wednesday. The modest recovery seen in the US Treasury bond yields causes XAU/USD to consolidate its gains.

Gold News

Ripple extends gains as XRP traders await end of SEC vs. Ripple lawsuit

Ripple extends gains as XRP traders await end of SEC vs. Ripple lawsuit

Ripple (XRP), XRP Ledger’s native token, extended gains by nearly 7% on Wednesday. The sixth largest asset by market capitalization rallied for the tenth consecutive day and erased all losses from the last 99 days. 

Read more

Australian Unemployment Rate seen steady at 4% in June

Australian Unemployment Rate seen steady at 4% in June

With sentiment dominating financial markets, the Australian Bureau of Statistics will release the monthly employment report on Thursday at 1:30 GMT. The country is expected to have added 20K new positions in June, while the Unemployment Rate is foreseen to remain steady at 4%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures