S&P 500: Futures mildly bid above 3,200 as US Senators discuss fiscal package
- S&P 500 Futures track Wall Street’s gains to extend recoveries from Friday.
- US policymakers talk about the much-awaited stimulus with Republicans putting $1.0 trillion as initial offer.
- Sino-American tussle continues, headlines from North Korea and Iraq fail to get major attention.
- US data, talks surrounding the aid package and virus news remain in the spotlight.
S&P 500 Futures rise 0.35% while picking up the bids near 3,243.62 during the early Tuesday. The risk gauge recently benefited from the headlines suggesting the US policymakers’ discussion over the phase 4 of fiscal package. On Monday, the equity benchmark cheered US dollar weakness and the market’s sustained belief on shares/commodities amid a light calendar.
In addition to the early-day release confirming the Republicans' cost of coronavirus (COVID-19) response bill of $1.0 trillion, the latest news suggesting the productive meeting also keeps the equity buyers hopeful of the further money supply. However, risks concerning the expiration of unemployment claims’ benefits and a wide gap between the Republicans’ and Democrats’ bid for plans, the later is likely offering $3.5 trillion stimulus, can guard the market sentiment.
It’s worth mentioning that the US dollar index (DXY) stays pressured near the lowest since March 2018 as the surge in the COVID-19 cases join the latest updates from the US Senior Health official Dr. Anthony Fauci. As per the Fox News, infectious disease expert Anthony Fauci, M.D., says he's "cautiously optimistic" about biotech company Moderna's COVID-19 vaccine candidate.
Elsewhere, the increase in the US aerial presence in the South China Sea, two blasts in Iraq and North Korean Leader Kim Jong-Un’s favor for increasing nuclear arsenal should have ideally weighed on the risk barometer but are not.
Moving on, the US Richmond Fed Manufacturing Index and Consumer Confidence are likely to decorate the economic calendar. Though, qualitative risk catalysts will be in focus and can keep the driver’s seat in the absence of any major data/events.