S&P 500 Futures wobble around record top as US Treasury yields stay depressed

• S&P 500 Futures probe five-day winning streak as bulls look for fresh push.
• Upbeat US inflation figures favored the bulls but J&J vaccine news, strong bond auction test the upside.
• Fed’s Powell, Coinbase debut and vaccine news will be eyed for fresh impulse.

Having refreshes the record top to 4,139.62 the previous day, S&P 500 Futures waver around 4,134 during Wednesday’s Asian session. The risk barometer earlier cheered upbeat US inflation figures and hopes of further stimulus from US President Joe Biden before the coronavirus (COVID-19) vaccine updates joined the 30-year Treasury bond auction hit the quote.

US inflation figures for March flashed strong readings but the reflation fears couldn’t be witnessed as the latest bond auction met with strong demand. Also on the positive side could be US President Joe Biden’s readiness to push for a $2.25 trillion infrastructure plan despite Republicans’ dislike for tax hikes.

On the contrary, the US Food and Drug Administration (FDA)  and Centers for Disease Control and Prevention (CDC) ordered to stop using the Johnson & Johnson (J&J) vaccine in all 50 US states over blood clotting issues. Further, US-China tension escalates after Beijing warned Washington to control its ties with Taiwan.

It’s worth mentioning that the J&J news seemed to have recently lost its importance as comments from the White House Covid Coordinator signaled to have enough Pfizer and Moderna jabs to keep the vaccinations smooth.

The economic calendar remains silent in Asia with Japan Machinery Orders and Aussie Westpac Consumer Confidence flashing mixed results. Though, the news that Queensland will be early in reversing the covid-led lockdown and remove mask mandate except for making it compulsory at the airports and public transport, seems to have favored the mood.

Considering the light calendar and an absence of fresh macro, investors will wait for Fed Chairman Jerome Powell’s speech at 16:00 GMT for fresh impulse. Also important would be the market’s reaction to the Coinbase debut.

Read:  Wall Street Close: Vaccine woes test bulls even as S&P 500, Nasdaq refresh record top