S&P 500 Futures prints six-day uptrend to all-time high near 4,300
- S&P 500 Futures remain mildly bid near theee record top.
- Upbeat US data contrasts figures from China, Japan but hawkish Fedspeak keeps buyers hopeful.
- US Treasury yields recover from weekly low amid covid-led fears.
- US ISM Manufacturing PMI can entertain traders ahead of Friday’s NFP.

S&P 500 Futures remain on the front foot, up 0.20% around 4,297, during early Thursday. The risk barometer justifies the market’s optimism of the West economies’ recovery from the pandemic even as the Asia-Pacific region struggles with the coronavirus (COVID-19) variant.
Not only the upbeat figures of US ADP Employment Chang and Chicago Purchasing Managers’ Index but comments from the Fed policymakers also highlight the US economic strength. Recently, Dallas Fed President Robert Kaplan reaffirmed his hawkish stance and said, ''I’d want to taper sooner than the end of the year.''
Elsewhere, Australia struggles with virus variants amid local lockdowns for 80% of the population whereas Indonesia announced a national emergency for July 02-20 due to the covid resurgence. Further, the UK records the most infections in 2021 whereas the US Centers for Disease Control and Prevention (CDC) remained optimistic over their inoculation and turned down the need to wear masks, per the New York Post. It’s worth noting that the slower jabbing has been cited as the major cause of the Asia-Pacific region’s virus woes.
On a different page, US President Joe Biden pushes for stricter controls over the giant enterprises while his Chinese counterpart Xi Jinping reiterates the aim for practice “One China” policy in Hong Kong and Macau.
Talking about data, Japan’s manufacturing activity numbers, per the Tankan survey, showed an upbeat scenario during the Q2 whereas China’s Caixin Manufacturing PMI eased in June.
Amid these plays, US 10-year Treasury yields added 2.2 basis points to 1.467% by the press time.
Given the mixed sentiment and a busy day ahead, not to forget pre-NFP caution, investors may keep their eyes on the US ISM Manufacturing PMI for fresh impulse as the latest US numbers favor strong jobs report and challenge to Fed’s easy money policy, a likely threat for equities.
Read: US ISM Manufacturing June Preview: Expansion to continue but how severe is the labor shortage?
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.

















