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S&P 500 Futures gain half a percent even as long weekend tests optimism

  • S&P 500 Futures print four-day winning streak, wavers around all-time high flashed on Friday.
  • Odds of US President Joe Biden to push for $2.25 trillion, against Republican rejection, favor sentiment.
  • US employment report, faster vaccinations add to the positive catalysts.
  • Virus woes in Europe test the bulls amid Easter Monday off in multiple key bourses.

S&P 500 Futures keep Friday’s upside momentum, even with less strength, while taking rounds to 4,030, up 0.50% intraday, during early Monday. In doing so, the risk barometer cheers positive catalysts from the US while paying a little heed to European covid woes and fears of virus variants amid a quiet Asian session due to off in Australia, New Zealand and China.

Strong US jobs figures for March propelled S&P 500 Futures to record top on Friday. The moves gained extra strength recently as Biden stays ready to use special powers for getting the Senate’s approval for the key relief package. Also on the risk positive side could be Japan’s readiness for more stimulus and a lack of fresh covid transmission cases in Australia. It should be noted that fears of reflation are also depleting off-late and favor the risk-on mood.

Meanwhile, fears of the Brazilian covid variant and Europe’s struggle with the virus resurgence test the optimists amid a quiet session in Asia.

Amid these plays, Japan’s Nikkei 225 rises 0.80% intraday whereas the US 10-year Treasury yields ease 1.7 basis points (bps) to 1.71% by the press time.

Given the off in some of the Western countries as well, in addition to Asia, today’s market moves are likely to wait for the US PMIs for fresh clues. Considering the recently positive economics from the US, welcome prints of activity numbers for March can add strength to the S&P 500 Futures and may weigh on the safe-havens like the US dollar.

Read:  US Services Purchasing Managers’ Index March Preview: Expectations are high

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