- S&P 500 Futures prints 0.33% gains, up 9.64 points.
- US President Trump beefs up the signal that the US economy is closer to restart.
- The deadline to return PPP loans also gets extended.
- Sanofi, Gilead firm up efforts to combat the virus.
S&P Futures rise 0.33%, up 9.64 points, to 2,868 amid the early Asian session on Wednesday. The risk barometer seems to have recently benefited from US President Donald Trump’s signals for the economic restart.
In his latest comments, US President Trump said to disband the Coronavirus (COVID-19) Task Force Team to better concentrate on the re-opening of the world’s largest economy.
Earlier, statements from California and New York suggested that the US economy is near to its restart after a devastating halt due to the pandemic. As a result, Wall Street managed to stay positive at the end of Tuesday’s session.
Also supporting the risk-on sentiment could be the announcement from the US administration to extend the deadline for the return of Paycheck Protection Program (PPP) loans.
Additionally, the latest updates from Sanofi and Gilead suggest the nearness to the cure of the pandemic and hence positively affect the risk-tone.
It should, however, be noted that the absence of Japanese traders due to Constitution Day seems to restrict the market moves in Asia.
Moving on, the early signal to Friday’s NFP from the US, namely the ADP Employment Change, will be the key data to watch. Forecasts suggest downbeat figures of -20050K versus -27K prior, which could weigh on the market’s trading sentiment.
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