S&P 500 Futures looks to regain 3,600 as US GSA begins Biden transition

S&P 500 Futures rises over 18 points, or 0.52% intraday, ahead of Tuesday’s Tokyo open. The US equity derivatives recently gained support from the new  |  23/11/2020 23:52
  • S&P 500 Futures gains half a percent in a fresh bid wave, Wall Street also marked upbeat performance in the last hours.
  • Trump concedes defeat while ordering the GSA to start the transition.
  • Odds that ex-Fed Chair Yellen will become Treasury Secretary, vaccine hopes and Brexit optimism also favor the bulls.

S&P 500 Futures rises over 18 points, or 0.52% intraday, ahead of Tuesday’s Tokyo open. The US equity derivatives recently gained support from the news that US President Donald Trump finally accepted his defeat and ordered the General Services Administration to begin the power shifting to President-elect Joe Biden.

Read: US GSA: President-elect Joe Biden can formally begin transition process

Other than the transition headlines, chatters concerning Janet Yellen’s return to the US policy board, this time as a Treasury Secretary, earlier favored markets during the last hours of Wall Street’s moves. Yellen has successfully battled slowdown fears while being in power at the Fed and is expected to help the US overcome the coronavirus (COVID-19) crisis if chosen for the stated role, as indicated by CNN.

Further, increasing odds of the soft Brexit and further developments surrounding the covid vaccine are certain other catalysts that favor the market’s risk-on mood. Additionally, upbeat prints of the US PMIs for November offer extra support to the optimists.

On the contrary, signals that the US is forming a Western alliance to combat the China-led trade group join the fear of rising COVID-19 hospitalization in America to challenge the bulls.

Looking forward, comments from BOJ and the Federal Reserve policymakers can entertain market players amid a light calendar. However, any updates from US politics and/or virus will be the key to watch.

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com