(DAILY NOTION): No Rest For the Wall Street Bulls, Next Mover: Progress on Biden Stimulus Package

NASDAQ 100 (as of Mar 1, 2021 at 11.50 a.m.)

Source: Yahoo Finance

SPX 500 (as of Mar 1, 2021 at 11.50 a.m.)

Source: Yahoo Finance

US30 (as of Mar 1, 2021 at 11.50 a.m.)

Source: Yahoo Finance

As the first day of March begins, it seems to beckon a brighter start on Wall Street as the NAS100 futures rose 1.18%, the SPX500 futures were up by 0.88%, and the US30 futures gained 240 points.

After experiencing a certain measure of volatility last week as the U.S. Treasury yields rose, the 10-year U.S. Treasury yields have since taken a step back and is currently at 1.415%. The NAS100 lost over 4% last week, while the SPX500 dipped 2.5%, and the US30 fell 1.7%, the Consumer News and Business Channel (CNBC) reported.

Meanwhile, the risk-on sentiment has also been buoyed by news that progress has been made with the Biden Stimulus Package. The bill is now on its way to the U.S Senate after the U.S. House passed the $1.9 trillion stimulus package, including the $1,400 stimulus cheques for Americans earning less than $75,000.

Recently, more than 150 top executives also signed a letter to the U.S. Congress to back the bill. These executives, including the Chief Executive Officer (CEO) of Google and AT&T, are seeking fast action from Congress to approve the stimulus package.

The Democrats are fighting against time when it comes to the stimulus package, as the jobless benefits are due to expire on March 14.

As the U.S Centres for Disease Control and Prevention (CDC) voted to recommend the usage of the single-dose vaccine from Johnson and Johnson in the U.S., hope is rising at the prospect of beating the pandemic. The number of cases recorded in the U.S. is fast approaching the 30 million mark, while the number of deaths stood at 525,776 as of the time of writing.

In the meantime, one of the key events on the calendar this week would be the release of the ADP employment change and nonfarm payrolls, to gauge the continued impact of the pandemic on the employment sector. The forecast is expecting 165,000 jobs to have been created in February, as reported by Investing.com. Traders would also be keeping an eye on the results of the Institute of Supply Management (ISM) and Markit Manufacturing Purchasing Managers Index (PMI) today.

Will the cheery start to the week prevail throughout the rest of the week? With another busy week on the economic calendar, there is no rest for the bulls of Wall Street.

FOLLOWME User Sentiment (as of Mar 1, 2021 at 11.55 a.m.)

SPX500

Short – 77.57%

Long – 22.43%

NAS100

Short – 62.82%                

Long – 37.18%

US30

Short – 67.72%

Long – 32.28%