S&P 500 Futures trace pullback in yields as mixed news precede US ISM Services PMI – by anilpanchal7 SP500 Futures YieldCurve Fed PMI
While portraying the mood, S&P 500 Futures print 0.25% intraday loss around 2,975, fading the previous day’s bounce off the lowest levels marked during late January. Further, the 10-year coupons drop two basis points to 4.05% whereas its two-year counterpart seesaws around 4.89% by the press time. Further, S&P 500 Futures struggle for clear directions after mild losses.
That said, Thursday’s statements from Federal Reserve Bank of Atlanta President Raphael Bostic renewed concerns about the Fed’s policy pivot as the decision-maker said, “The central bank could be in position to pause the current tightening cycle by mid to late summer.” It should be observed, however, that Boston Fed President Susan Collins kept supporting the higher rates for longer as she said, “More rate hikes are required to bring inflation back in control.
Elsewhere, the US-China tension at the Group of 20 Nations meeting, amid the former’s push for sanctions on countries having strong ties with Russia and aiding Moscow in the war with Ukraine, previously probed the risk-off mood. However, chatters of the likely resumption of the Sino-American trade talks seemed to have triggered the market’s optimism afterward.
Moving forward, market is likely to remain cautiously optimistic amid fresh Federal Reserve policy pivot talks. However, the US ISM Services PMI for February, expected at 54.5 versus 55.2 prior readings, will be crucial to watch for intraday directions. Above all, the next week’s Federal Reserve Chairman Jerome Powell’s Testimony and the monthly US jobs report for February, encompassing the key
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