S&P 500 Futures struggles to cheer US President Biden’s SOTU even as yields retreat – by anilpanchal7 SP500 Futures YieldCurve RiskAppetite UnitedStates
f the Union speech. Adding strength to the market’s indecision could be the lack of major data/events.
Even so, the S&P 500 Futures print mild losses near 4,170 while paring the biggest daily jump in nearly a week whereas the US 10-year Treasury bond yields snap a three-day uptrend while retreating from a one-month high of around 3.68% to 3.66% by the press time. In his first joint session of Congress, since Republicans took control of the House of Representatives in January, US President Biden showed readiness to work with them for the betterment of America. The policymaker also pushes for the billionaire minimum tax while trying to show a tough stand on China if the dragon nation undermines the US sovereignty.
US President Biden previously tried to placate fears of another round of Sino-American tussles by saying, “The balloon incident does not weaken US-China relations.” However, China’s rejection of the Pentagon’s request keeps the geopolitical tension high and teases US Dollar buyers. “China has declined a US request for a phone call between US Defense Secretary Lloyd Austin and Chinese Defense Minister Wei Fenghe,” a Pentagon spokesman said on Tuesday reported Reuters.
On the other hand, mixed comments from the US Federal Reserve officials and unimpressive data challenge US Dollar bulls. That said, Minneapolis Federal Reserve President Neel Kashkari told CNN, "We may have to hold rates at a higher level for longer," while adding that he is not forecasting a recession. Following that, Federal Reserve
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