S&P 500 Futures print mild gains above 3,700 even as US Senate argues over stimulus paycheck

• S&P 500 Futures retrace the previous day’s pullback from the record top.
• US Senate Majority Leader McConnell obstructs $2,000 paycheck, Colorado marks first case of covid variant.
• China to return two Hong Kong activists to their homeland aurhorities, $600 US stimulus payments will start going out tonight.

S&P 500 Futures rise to 3,725, up 0.15% intraday, during early Wednesday. The risk barometer recently surprised markets while parting ways from the Wall Street benchmarks that flashed minor losses. In doing so, the US stock derivative defies the previous day’s pullback from the record top of 3,747.

News that US Treasury Secretary Steve Mnuchin conveyed that the $600 payments, part of the already agreed US coronavirus (COVID-19) stimulus, will be out tonight, per CNBC, seemed to have helped the S&P 500 Futures to remain positive.

Also favoring the risk-on mood could be the Cable TV’s update suggesting China’s readiness to return two Hong Kong activities to the authorities after detaining them a few days back.

Meanwhile, the US registered the first case of the covid variant that the UK found and the problematic thing is the infected doesn’t have any travel history. It should also be noted that the virus strain recently marked the presence in Japan and India.

Also on the negative side could be the US Senate Republican Majority Leader Mitch McConnell’s obstruction to the $2,000 paycheck proposed by the Democratic Party, also passed by the House. The Republicans have control in the Senate and hence may stop the much-awaited aid package even if US President Donald Trump backs the fund release.

Other than the virus woes and uncertainty over US stimulus, a light calendar also probes the market bulls. As a result, shares in Japan, Australia and New Zealand mark minor losses by press time.

Moving on, the US calendar offers the second-tier activity and housing data while updates over the US aid package and virus should also be watched in the meantime.