S&P 500 Futures stay on the back foot for third consecutive day as covid, US politics weigh on risks

S&P 500 Futures drop to $3,749, down 0.35% intraday, for the duration of early Monday. In doing so, the threat barometer stays heavy close to greater than a week’s low while flashing a three-day downtrend.

Although a lack of main data/events and a lengthy weekend in the US presently hold the Asian markets quiet, cautious sentiment beforehand of US President-elect Joe Biden’s workplace time period continues the dangers heavy. Although Mr. Biden has already rolled out a heavy coronavirus (COVID-19) stimulus package deal of $1.9 trillion, chatters surrounding the cancelation of the Keystone XL pipeline allow by way of government motion on his first day in workplace probe the risk-takers.

Read: New UK covid stats decrease regardless of variant, vaccine rolled out

Further, Wall Street Journal got here out with the information suggesting Janet Yellen, incoming Treasury Secretary of the US, to verify a dedication to market-determined greenback price as nicely as her probably repute as the solely reliable to discuss on the USD exerted extra draw back strain on the risks. It have to be cited that the Fed’s back-up to the US stimulus and the UK’s more recreation restrictions due to the virus unfold are extra negatives that weigh on the mood.

On the high-quality side, market sentiment advantages from the information suggesting the present day covid numbers from the UK have been down off-late whilst vaccine producers declare to have the capability to tame the virus variants.

Amid these plays, shares in Japan, Australia and China have been downbeat whilst the US greenback index (DXY) rises to a clean excessive in view that December 21, 2021.

Moving on, China’s fourth-quarter (Q4) GDP and December’s Retail Sales, as nicely as Industrial Production, can entertain momentary merchants amid a possibly stupid session due to Martin Luther King’s Birthday in the US.

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