S&P 500 Futures print three-day downtrend amid mixed clues, sluggish day in Asia

  • S&P 500 Futures refresh intraday low during the latest fall.
  • Covid updates from Japan, New Zealand tease bears even as UK, US stay optimistic.
  • Off in China, Japan troubles momentum traders amid a light calendar ex-Australia.
  • Wall Street closed mixed on technology shares’ pullback.

S&P 500 Futures print the fresh low of the day as 4,173.12, down 0.30% on a day, during early Tuesday. In doing so, the risk barometer declines for the third consecutive day even as global economic majors recently sound optimistic.

The mild risk aversion wave could be traced to Japan’s Hokkaido (largest prefecture by area) that requested tighter activity controls as the coronavirus (COVID-19) conditions worsen at home. It should be noted that Japan’s number of patients with severe covid jumped to the record top the previous day. The virus conditions have already pushed the Asian major towards a third emergency in the key four prefectures including Tokyo before a few days.

It should be noted that the absence of RBNZ Governor Adrian Orr on Wednesday’s policy meeting also spread rumors that the Pacific nation’s central banker is infected with the deadly virus.

On the contrary, anticipated approval to the Pfizer-BioNTech covid vaccine for the age group of 12-15 years age group by the US Food and Drug Administration (FDA) battle the market bears. Also on the same line could be comments from the Fed policymakers and UK PM Boris Johnson, suggesting firm economic recovery.

It’s worth mentioning that Wall Street benchmarks began May on a mixed footing, despite risk-on mood, as technology giants like Tesla, Amazon, Alphabet and Facebook dragged Nasdaq 100. Even so, upbeat prints of ISM Manufacturing PMI kept the US equity traders positive although the gauge eased from a multi-year high.

Read: Wall Street Close: Nasdaq eases amid tech pullback, DJI30, S&P 500 remain firm

Looking forward, covid updates and vaccine news, not to forget developments at the three-day meeting among the Foreign Ministers of the Group of Seven industrialized nations (G7), will be the key ahead of the US Goods Trade Balance and Factory Orders for March.

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.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 


GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 


XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more