S&P 500 Futures Post Slight Gains, US Treasury Yields Rebound from Monthly Low

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Market sentiment declines during early hours on Wednesday as headlines from the Asia-Pacific regions test risk appetite. Additionally, optimism is affected by caution ahead of key data and events. The S&P 500 futures have held early gains around 3,950 pointsup 0.20% intraday, while 10-year US Treasury yields remain on the defensive around one-month lows at 2.76% at press time.

The launch of three missiles by North Korea and Japan’s distaste for the same add to market anxiety ahead of today’s Fed minutes and seem to weigh on market optimism as well.

In the same line could be the news about the covid in China and its negative impacts on the second world economy. “Beijing has continued its lockdown to end its month-long COVID outbreak, while in Shanghai, authorities plan to keep most restrictions in place this month, before a more complete lifting of the two-month lockdown from June 1,” Bloomberg said.

On Tuesday, negative US housing data and repeated statements from the Federal Reserve, in contrast to hawkish comments from the ECB, put downward pressure on US Treasury yields and the dollar. However, Wall Street’s benchmark indices closed mixed after the corrective pullback in recent hours.

From now on, operators will pay close attention to the Minutes of the Federal Open Market Committee (FOMC), as the 50 basis point hike in interest rates is receiving less attention lately. Also important are US Durable Goods Orders for April, expected at 0.6% vs. 1.1% prior.

Read: Preview of the FOMC minutes for May: Will the Fed have to sell MBS?

In addition to the aforementioned catalysts, risks stemming from the Russia-Ukraine crisis and fears about global economic growth, mainly due to China and inflation problems elsewhere, will also be important for near-term market directions.

Source: Fx Street

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