• S&P 500 Futures print four-day uptrend to mark the record high near 3,740.
  • US House backs President Trump’s demand of $2,000 paychecks, rejects veto over $740.50 billion defense policy bill.
  • Headlines concerning China, lack of major data/events keep bulls in check.

S&P 500 Futures rise 0.40% while refreshing the all-time top to 3,739.12, currently around 3,737.88, during early Tuesday. In doing so, the risk barometer prints a four-day winning streak while extending last Wednesday’s u-turn from 3,651.

Behind the moves are chatters surrounding the US coronavirus (COVID-19) aid package updates from Capitol Hill. Following US President Donald Trump’s surprise signing of the much-awaited stimulus, the House members backed the $2,000 paycheck demand but turned down the veto over the defense bill.

The bill is now en-route to the Senate where Republicans are likely to create problems for the smooth passages by citing budget deficit issues.

On the other hand, Australia’s push to the World Health Organization (WHO) inquiry over the covid traces and China’s downbeat Beige Book survey affect market moves amid a quiet session. Additionally, COVID-19 updates suggesting the record high infections in the UK, in contrast to the vaccine optimism, also contribute to direct the sentiment.

While also portraying the mood, stocks in Asia-Pacific remain mildly bid outside China and Indonesia whereas the US 10-year Treasury yields rise one basis point (bp) to 0.94% by press time.

Although a lack of major data/events can join the year-end celebration mood to limit the market moves, any further hurdles to the US stimulus can sour the mood during the North American session.

Also read: Wall Street Close: Bulls cheer Trump’s surprise signing of stimulus amid low volume

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD drops back below 0.9700 as yields rebound ahead of US GDP, German inflation

EUR/USD drops back below 0.9700 as yields rebound ahead of US GDP, German inflation

EUR/USD sellers are up and roaring as sour sentiment joins firmer yields to renew the downside during early Thursday, after a day full of surprises and positive performance. Germany’s HICP may not impress pair buyers unless US GDP disappoints.

EUR/USD News

GBP/USD turns sideways around 1.0800, focus shifts to US/UK GDP data

GBP/USD turns sideways around 1.0800, focus shifts to US/UK GDP data

GBP/USD is expected to resume its upside journey after concluding its correction to near 1.0800. To revive UK’s financial stability, the BOE announced a bond-buying program worth GBP 65 billion. Does BOE really not have the stomach to fight inflation while simultaneously keeping financial stability?

GBP/USD News

Gold sees cushion around $1,650 after a corrective move, US GDP buzz

Gold sees cushion around $1,650 after a corrective move, US GDP buzz

Gold price is experiencing a healthy correction in the Tokyo session after witnessing a bumper rally. The precious metal is expected to find significant bids around the immediate cushion of $1,650.00 as the downside bias is not backed by momentum. 

Gold News

XRP: A checklist for the next rally

XRP: A checklist for the next rally

XRP price has shown incredible buying pressure after a dip into the $0.381 to $0.433 demand zone. A recovery above $0.464 could ignite the next run-up, but ideally, a retest of $0.397 could be a good place to be a bull.

Read more

A week after Japanese yen intervention

A week after Japanese yen intervention

Last Thursday was an incredibly volatile trading session for the USD/JPY. This volatility was largely caused by the Bank of Japan's (BoJ) intervention in the currency markets to defend its depreciating currency, the Japanese Yen. Last week’s move was the first time since 1998 that the BoJ had intervened.

Read more

Forex MAJORS

Cryptocurrencies

Signatures