S&P 500 Futures cheer stimulus hopes, Trump’s optimsim to attack five-week top
- S&P 500 Futures rises for the third day while piercing 3,450.
- White House takes another U-turn on stimulus talks, prefers large-scale aid package off-late.
- China joins WHO’s global COVID-19 vaccine program after returning from one week-long holidays.
- Brexit woes, increasing virus cases in Europe and Fed’s pressure for more fiscal help act as additional catalysts.
S&P 500 Futures rise half a percent while taking rounds to 3,453 during the early Friday. In doing so, the US equity derivative prints a three-day winning streak as attacking the September 04 high.
The risk barometer surged heavily in the last two days after US President Donald Trump eased his earlier ‘NO’ to the coronavirus (COVID-19) aid package talks. The latest up-moves take clues from Bloomberg’s piece suggesting the Republican leader is also inclining towards a large scale help.
Elsewhere, China joins the World Health Organization’s virus vaccine program. The same offer early accesses to the disease cure to the Asian major and will open the door for the other developing countries to combat the pandemic. Also on the positive side could be increasing hopes that vaccine research efforts of Gilead and Regeneron will offer strong results to tame the virus.
On the contrary, the Spanish PM announced an emergency in Madrid whereas the COVID-19 cases in the UK and Germany are also worrisome. Further, China’s return may flash warning shots over the latest global ire against the dragon nation also warranted market cautious sentiment but was mostly ignored.
In contrast to the S&P 500 Futures, stocks in Asia-Pacific trades mixed with mild gains/losses.
Trump is getting interviewed by Fox’s Sean Hannity as we write. During the initial comments, the White House leader said, the first lady is doing "really good" and he may do public events before Saturday. Clues for stimulus and clarity over the virus vaccine may be looked for in immediate direction. Also, China’s return may push the Republican leader to say something about trade deal progress.