S&P 500 Futures refresh record top near 3,900 as US stimulus hopes favor risks amid quiet session

S&P 500 Futures print three-day winning streak as bulls attack 3,900.
US President Joe Biden’s covid relief package pass the Senate to return to Congress for details.
US-Iran tussle intensified following American rejection to waive off Tehran’s sanctions.
Oxford-AstraZeneca vaccine fails to tame South African variant of COVID-19.

Anil Panchal FXStreet

S&P 500 Futures take the bids near 3,900 while refreshing an all-time high during early Monday. The risk barometer seems to cheer increasing odds of $1.9 trillion coronavirus (COVID-19) stimulus from the US. In doing so, the American equity futures ignore recent tension between Washington and Tehran as well as downbeat news concerning the vaccine during a light calendar day in Asia.

With the Vice President’s vote pushing US President Joe Biden’s optimistic plan through the Senate, the much-awaited relief package is on the way to hit the floor. However, Congress is not only divided on the final amount but also the details and hence the discussion may take longer before Biden gets to sign the bill.

Read: Senior Democrats to unveil $3,000-per-child benefit as Biden stimulus gains steam – WaPo

Elsewhere, US President Biden’s rejection to not take back the Trump administration’s sanctions on Iran pushed the Tehran government to ask for America’s return to the 2015 accord, as well as the reversal of all punitive measures, to not move ahead with their arms embargo.

Read: WTI refreshes 13-month high above $57.00 as US-Iran tussle intensifies

It should be noted that the covid vaccine front has another negative news, in addition to the previous delay in deliveries and production, suggesting that the Oxford-AstraZeneca vaccine falls short of taming the covid variant from South Africa.

Amid these plays, stocks in Asia-Pacific stay bid while the US 10-year Treasury yields remain strong around the highest level marked since March 2020 on Friday.

Moving on, a light calendar and off in New Zealand keeps the market players directed towards stimulus and vaccine headlines for fresh direction.

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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