- S&P 500 Futures rise 10 points, or 0.30%, while extending pullback from the lowest since November 13.
- Vaccine hopes rise as Regeneron’s anti-body treatment gets FDA’s go, Pfizer up for getting UK’s green light this week.
- US President-elect Biden starts forming the team before reaching the White House.
- UK, France and Australia are among the nations likely to ease the covid-led activity restrictions.
S&P 500 Futures probe the intraday high of 3,565.88, up 0.31% on a day, amid the Asian session on Monday. The risk barometer recently picked up bids as optimism concerning the coronavirus (COVID-19) vaccine/treatments joined expected easing in the lockdown measures from the key economies.
Having heard about the 95% success rate of Pfizer’s covid vaccine and US President Donald Trump’s recovery after taking the Regeneron’s antibody treatment, news that the US Food and Drug Administration (FDA) approved the COVID-19 therapy added to the market’s optimism. Also favoring the risks could be the hints that Pfizer will get the UK’s regulatory approval by the end of this week.
Further, easing of coronavirus-led activity restrictions in the UK, France and Australia are additional positives for the risks.
It should also be noted that US President-elect Joe Biden’s activity to form the team before the current President Donald Trump accepts his defeat also favors the risk-on mood. Bloomberg recently mentioned that the Democratic member is up for announcing Antony Blinken as secretary of State while naming Jake Sullivan as a National Security Adviser.
On the contrary, a sustained rise in the US hospitalizations and the tussle between the US Federal Reserve and Treasury Department, over $500 billion’s recall by Treasury Secretary Steve Manuchin, also probes the optimists. Additionally, Brexit uncertainties and doubts over the US COVID-19 stimulus also raise worries for the market players.
That said, traders can keep their eyes on the preliminary readings of November’s activity numbers from Markit for fresh impulse. However, risk catalysts can keep the driver’s seat.
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