- S&P 500 Futures refresh record top above 3,900.
- US Democrats ready to go alone on the stimulus path, developed nations show readiness to tackle trade tussles.
- Light calendar in Asia, less news keep traders searching for fresh impulse while holding bullish bias.
S&P 500 Futures stays above 3,900, currently near 3,910, during early Tuesday. The risk barometer refreshed the all-time high with 3,911.68 the previous day while marking 3,911.38 as today’s peak, for now.
Although bulls seem tiring off-late, mainly due to a lack of catalysts, the market sentiment remains positive as optimism surrounding the future trade ties joins upbeat developments concerning the US covid relief package.
Not only Australian Ambassador’s push to the US, for a transatlantic trade deal, but the EU-UK readiness to ease trade tension with Americans over the Aircraft subsidies also favor the risks off-late.
Read: Trade headlines to start to gain tracion in the race to the top
Elsewhere, US House Republican Leader Mitch McConnel conveyed the Democratic Party’s push for going ahead alone towards the $1.9 trillion covid stimuli add to the risk-on mood.
It’s worth mentioning that Japan Finance Minister Taro Aso unveiled 1.3 trillion yen of emergency COVID-19 stimulus for the Asian major earlier in the day.
On the negative side, the US-Iran tussle and China’s arrest of the Aussie tv anchor should have probed the market optimists but failed recently.
Not only the S&P 500 Futures but stocks in Asia also lack upside momentum while the US 10-year Treasury yields waver around 1.16% after rising to the fresh high since March 2020 on Monday.
Looking forward, a lack of major data/events and a light news feed can keep troubling the momentum traders. Though, the market’s outlook remains positive as US President Joe Biden is near to announce the much-awaited aid package.
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