S&P 500 Futures refresh record top above 4,200 as vaccine hopes add to post-NFP optimism

S&P 500 Futures stay on the front-foot while refreshing all-time high.
NFP smashed chatters relating to Fed tapering, rate hikes.
EU signs vaccine deal, Australia’s NSW is also up for Pfizer-BioNTech jabs soon.
Mixed oil headlines and a light calendar keeps market less active.

Anil Panchal FXStreet

S&P 500 Futures print four-day uptrend while refreshing record top with 2,738 during early Monday. Having rallied on Friday, due to huge disappointment from US employment figures defying the Fed tapering chatters, the risk-barometer benefits from the coronavirus (COVID-19) vaccine headlines from the European Union (EU) and Australia.

The EU managed to sign a heavy deal with one of the global covid jab leaders Pfizer-BioNTech after saying that around 30 Europeans are getting inoculated per second on Thursday. The vaccine delivery will enable the bloc to match the pace with the other developed nations like the US, the UK and Israel.

On the same line was Australia’s New South Wales which is up for getting the Pfizer-BioNTech jabs in a few weeks.

Furthermore, Iran’s surprise staying on the nuclear talk table with the US also suggests the fears of the rogue nation will be off in the future.

Meanwhile, Brexit jitters and the US Colonial pipeline cyberattack join the covid woes in Japan and India to test the market optimism.

As a result, the US dollar index (DXY) catches a breather around a 10-week low, flashed on Friday, while stocks in Asia-Pacific and the US 10-year Treasury yields remain on the positive side.

Looking forward, market sentiment needs to follow the US traders’ reaction to Friday’s Nonfarm Payrolls (NFP) as well as further upside over the virus and vaccine.

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.

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