fundamental News - SP500
S&P 500 Futures pick-up bids from intraday low around 4,161 to trim the day’s losses to 0.20% while flashing 4,168 as a quote during early Monday.
In doing so, the risk barometer takes clues from chatters
surrounding US President Joe Biden’s $2.25 trillion infrastructure
spending as well as the coronavirus (COVID-19) infection fears, mainly
emanating from Europe and Asia.
US Republicans recently reiterate their dislike for President
Biden’s tax hike while showing readiness to asset the infrastructure
spending if the Democratic Party member steps back on the outlays.
Unconfirmed rumors also swirled that Biden is up for stepping
back tax proposal of 28% to 24%.
Elsewhere, the global covid death toll jumped past three million,
per Bloomberg, as the pandemic’s resurgence in Europe, India and some
other Asian nations like the Philippines highlight the COVID-19 fears.
Furthermore, the US-China and the Washington-Kremlin
tussles add to the risk-off mood.
However, pessimists are questioned over the upbeat US data and
faster vaccinations in the US and the UK, as well as the opening up of
the trans-Tasman travel bubble.
Amid these plays, the US 10-year Treasury yield drops 1.1 basis
points (bps) to 1.56% whereas the US dollar index (DXY) bounces off a
one-month low to 91.68, up 0.15% intraday by the press time.