- S&P 500 Futures cling to mild gains near all-time high.
- Light calendar in Asia keeps traders waiting for the US employment data.
- Stimulus, vaccines continue to back the optimism, US dollar stays strong near two-month top.
S&P 500 Futures waver around 3,870, up 0.14% intraday, during the early Friday. In doing so, the risk barometer crosses the record high of 3,869.12 level flashed the previous day while marking 3,871.75 top of the day.
During Asia, RBA didn’t refrain from accepting economic fears while UK covid variant reached Australia and the Retail Sales dropped for December for the Pacific giant.
Risks earlier gained after US policymakers fast-tracked President Joe Biden’s $1.9 trillion covid relief package while welcome news from the coronavirus (COVID-19) vaccine fronts, like more vaccine and stronger ones, also favor the mood. As the Democratic proposal to progress on the much-awaited aid package crossed the House to reach the Senate, Republican lawmakers, who reject the bids, show readiness to discuss the matter with President Biden.
It’s worth mentioning that comparatively better fundamentals from the US also keep the markets hopeful ahead of today’s key employment figures for January.
On the contrary, the fears of volatility and the retail rush level 2.0 probes the market optimists. In its latest piece, global rating agency Fitch said, “US financial institutions face second-order effects from GameStop volatility.” The rating giant also signaled more moves for gold and silver while saying, “increased retail trading in commodities could increase price volatility, raise margin requirements from derivatives clearinghouse.”
However, a lack of major data/events and light news feed curb the market moves before the widely observed American data, mainly the Nonfarm Payrolls (NFP).
Read: Nonfarm Payrolls Preview: Dollar needs a strong number to keep rallying
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