S&P 500 Futures poke a fortnight high around mid-3,600s on Biden’s upbeat rhetoric

• S&P 500 Futures rises 0.50%, marks three-day uptrend.
• US President-elect Joe Biden speaks after getting initial rights of the national leader.
• Vaccine hopes battle Brexit headlines amid a light calendar.

S&P 500 Futures portray market optimism, up 0.50% near 3,650, during the initial hour of Tokyo open on Wednesday. The risk barometer recently got a push from Biden’s comments to unite the US and end the damaging executive orders after the news of the power transition from Donald Trump favored risk-on mood the previous day.

Other than the Democratic Party member’s latest powers to receive the collection of classified intelligence reports prepared for the President, his outlook for the further stimulus also favored the market sentiment. Additionally, expectations that ex-Fed Chair Janet Yellen will offer sound economic policies and combat the coronavirus (COVID-19) added strength to the optimism.

Further, China’s signals that the covid vaccine will be out by 2020 end contrasts the update that Tokyo will have higher activity restrictions for three weeks from this weekend. It should also be noted that Biden’s push for no Irish border and the Saudi Arabia-Iran tension offers additional pressure on the market bulls.

Not only the S&P 500 Futures but Asian stocks also track Wall Street’s gains while the US 10-year Treasury yields rise by 1.1 basis points (bps) to 0.89% by press time.

Read: Wall Street Close: Biden transition propels Dow Jones to record high, S&P 500 closes at all-time top

While market hopes for US economic recovery, preceded by the stimulus, joins the upbeat news concerning the COVID-19 vaccine, a light calendar may offer a little hindrance for the optimists ahead of the US third quarter (Q3) GDP and FOMC minutes.

Read: US GDP Preview: Good reasons for an upside surprise, but not necessarily a dollar surge