S&P 500 Futures print mild gains above 3,350 amid stimulus hopes

S&P 500 Futures stay positive around 3,360, up 0.40% intraday, during Thursday’s Asian session. The risk barometer marked the first monthly losses after March during September. However, calls of American and Japanese stimulus seem recently helping the risk-tone sentiment amid a light calendar day.

Although Republicans rejected a Democratic bid of $2.2 trillion for the much-awaited aid package, the passage of stopgap funding and recent comments from US Treasury Secretary Steve Mnuchin keep traders hopeful of the further money supply from the world’s largest economy. Japan’s Nikkei also came out with the news suggesting further stimulus from the government.

While increasing odds of further stimulus please equity buyers, fears of the coronavirus (COVID-19) and political uncertainty are probing the bulls. The UK is under immense pressure to announce a national lockdown following the recent increase in virus numbers. Elsewhere, US President Donald Trump’s hint of delay in the election results join the decline of Japanese PM Suga to call for a snap election, which he earlier cheered, portray political uncertainty.

It should also be noted that companies like Goldman Sachs, United Airlines and Allstate are readying job cuts and may weigh on the market’s risk-tone.

Markets in China and Hong Kong are off today while Japanese bourses witness technical glitch and call it a day. Also challenging the market moves are a lack of major data/events on the Asian calendar.

As a result, traders may keep the latest optimism ahead of the key US ISM Manufacturing PMI for September and the weekly Jobless Claims data.