S&P 500 Futures portray risk-off amid quiet markets in Asia

S&P 500 Futures defies Friday’s recovery moves while declining to 2,817, down 0.42% a day, amid the early Monday morning in Asia. The equity gauge seems to have been pressured by the latest concerns surrounding the coronavirus (COVID-19).

While pushing for an early economic restart, US President Donald Trump suggested, on Friday, the use of disinfectant injections as a trial for the virus treatment. The idea was criticized heavily and might have been the reason for the cancellation of the daily Coronavirus Task Force Briefings by the Trump administration during Saturday and Sunday.

The latest figures from the US Centers for Disease Control and Prevention (CDC) mentioned that the death toll rose to 52,459 versus the previous day’s 50,439 whereas the cases surged to 928,619 as of 4:00 PM April 26 against 895,766 at 4:00 PM on April 25.

It should also be noted that the fears of virus resurgence, amid talks of easing the lockdowns, at the major economies also weigh on the risk-tone. The UK, Europe, Australia and New Zealand are also considering to ease the lockdowns announced during the early-April but are fearing the spike in cases if the exit is too early.

Also, a distant burden on the risk could be uncertainty surrounding the health of the North Korean leader Kim Jong-un.

Even so, the US 10-year Treasury yields register nearly one basis points of gains to 0.604% while beginning the week.

Moving on, the Asian markets are mostly dead amid no major data and the ANZAC Day holiday in New Zealand. Hence, traders will keep watching the virus updates for fresh impulse ahead of the US session wherein the Dallas Fed Manufacturing Index for April, prior -70, could entertain the traders.

Other than today, the present week offers many important data/events and is likely to be the key to the near-term market direction.

Read: What you need to know for markets opening: BoJ, Brexit and N.Korea a focus