S&P 500 Futures regain 3,700 as US President Trump signs covid relief bill

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  • S&P 500 Futures probe intraday high while picking up the bids off-late.
  • US President Donald Trump approves the much-awaited stimulus to favor risks.
  • A light calendar, holiday mood restrict the market’s reaction to the risk-positive news.

S&P 500 Futures pierce the 3,700 threshold to refresh intraday high near 3,710 during early Monday. The risk barometer recently gained bids after US President Donald Trump signed the much-awaited coronavirus (COVID-19) aid package.

Read: Breaking: President Trump signs coronavirus relief bill

While the New York Post cites an additional $300 weekly unemployment supplement on the top of the $600 initially agreed paycheck amount have helped the bill towards becoming law, there is an additional $600 per child stimulus payment to cheer for the US citizens.

“The Republican president, who golfed on Sunday and remained out of public view even as the potential government shutdown loomed, had demanded that Congress change the bill to increase the size of stimulus checks for struggling Americans to $2,000 from $600,” said Reuters.

Also favoring the risks could be the recent passage of the Brexit deal and upbeat comments from the covid vaccine producers. Recently, AstraZeneca CEO Pascal Soriot said that their covid vaccine is effective against the new strain.

Additionally, comments from the UK’s Foreign Secretary Dominic Raab, as per The Telegraph, also favor the risks. The British diplomat recently said, “With Britain and the European Union having clinched a deal, the United Kingdom is now pursuing trade deals with Australia, the United States and countries in the Indo-Pacific region.”

That said, bank holidays in Australia and New Zealand, coupled with a light calendar, probe market moves. Looking forward, global markets may witness dull trading session amid the year-end celebration mood and off at major bourses. Though, updates concerning the virus and vaccine may offer an intermediate move.