S&P 500 Futures track Wall Street losses amid virus resurgence

S&P 500 Futures extend the previous day’s losses towards 4,100.
Global covid infections jump, led by India, Western leaders keep tight controls on national borders.
J&J’s support during investigation of blood clotting and Israel’s purchase of Moderna booster fail to recall bulls.
Light calendar will keep risk catalysts on the driver’s seat.

Anil Panchal FXStreet

S&P 500 Futures hold lower ground near 4,125, down 0.10% intraday, during early Wednesday. In doing so, the risk barometer follows the US equity market’s losses amid the coronavirus (COVID-19) fears while ignoring the recently upbeat vaccine developments.

With the 12% jump in weekly news infections, not to forget record rally in India’s covid cases, the US tightens border with Canada while the UK also puts multiple counties, New Delhi included, in its “no travel” list. Further, the virus resurgence also pushes Japan towards another emergency in Tokyo and surrounding prefectures.

Read: Coronavirus Update: India leads run-up in global infections, Japan to recall emergencies in Tokyo, Osaka and Hyogo

Alternatively, Johnson & Johnson (J&J) is up for cooperation during the investigation over blood clotting problems following the covid vaccine by the firm. Earlier in the week, the US Health Expert Dr. Anthony Fauci cited optimism from J&J vaccine news to arrive by this Friday. Elsewhere, Israel continues to heavily vaccinate the nationals and recently bought booster shots from Moderna.

Even so, Wall Street benchmarks dropped for the second consecutive day on Tuesday while the US 10-year Treasury yields extend the previous day’s recovery moves by the press time. Furthermore, stocks in Asia-Pacific are also on offer so far during Wednesday.

Looking forward, the UK’s inflation and the Bank of Canada (BOC) monetary policy meeting may offer intermediate entertainment to the markets but major attention will be given to the virus updates. It should be noted that the US-China and the Russia- Ukraine tussles are also important to watch even if they’re mostly ignored off-late.

Read: Wall Street Close: Pandemic woes keep benchmarks red for second day

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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