{"id":106177,"date":"2020-10-27T19:24:33","date_gmt":"2020-10-27T19:24:33","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=106177"},"modified":"2020-10-27T19:24:33","modified_gmt":"2020-10-27T19:24:33","slug":"sp-500-index-at-key-support-as-fiscal-stimulus-hopes-fade","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/sp-500-index-at-key-support-as-fiscal-stimulus-hopes-fade\/","title":{"rendered":"S&#038;P 500 Index At Key Support as Fiscal Stimulus Hopes Fade"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Stock markets slipped lower in the Asian session as resurging Covid-19\u00a0 concerns dragged on riskier assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The clear lack\u00a0 of a covid rescue package prior to the US presidential election could boost demand for \u2018safe havens\u2019 in the coming days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">S&amp;P 500 could see additional losses as the price struggles to push beyond key resistance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stock markets slipped lower in the\u00a0 Asian session as a record increase in coronavirus cases dragged on demand for riskier assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Australian ASX 200 tanked 1.7% despite Victoria, the\u00a0 second most populous state in Australia, recording no new Covid-19 cases for a second straight day. The Hang Seng index slid 0.46%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Surprisingly, the risk sensitive Australia, New Zealand and Canadian Dollars outperformed the safe haven Japanese Yen and US Dollar, as crude oil prices pared recent losses<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gold edged higher. Silver rallied over 1%, as yields on US 10-year Treasuries held firm at 0.80%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Spanish third-quarter unemployment figures and US durable goods orders for\u00a0 September are in focus.<\/span><\/p>\n<p><strong>Upbeat Earnings Shrugged Off<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The S&amp;P 500 index has dropped 5% from the monthly high(October 12 (541 despite relatively upbeat corporate earnings. Instead pre-election caution and fading fiscal stimulus hopes continue to drag on market sentiment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">120 out of the 145 S&amp;P 500 companies which have already reported third-quarter results beat bottom-line expectations for earnings. 108 beat sales estimates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are just 7 days until the US presidential election, furthermore the Senate is set to leave for break after successfully confirming Supreme Court nominee Amy Coney Barrett. This means that an agreement over much-needed fiscal support before the\u00a0 November 3 election is highly unlikely.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The absence of additional fiscal support will concern several members of the Federal Reserve, with Chairman Jerome Powell warning that without another rescue package growth could\u00a0 \u201cdecelerate at a faster-than-expected pace in the fourth quarter\u201d.\u00a0 Lael Brainard was also vocal about the need for more support \u201capart from the course of the virus itself, the most significant downside risk to my outlook would be the failure of additional fiscal support to materialize\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The central bank\u2019s balance sheet grew for three-straight weeks for the first time since June. Therefore, it seems as though the Federal Reserve could look to\u00a0 pick up the slack in the interim, limiting the potential downside for US\u00a0 equity prices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The US is seeing\u00a0 over 70,000 new covid cases\u00a0 a day. High-frequency data is showing a significant slowdown in all three mobility trends \u2013 driving, walking and transit \u2013 suggesting period of risk aversion could be on the cards<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The S&amp;P 500 could extend its declines prior to the US presidential election on November 3, if investors take risk off the table in the absence of additional fiscal support.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stock markets slipped lower in the Asian session as resurging Covid-19\u00a0 concerns dragged on riskier assets. The clear lack\u00a0 of a covid rescue package prior to the US presidential election could boost demand for \u2018safe havens\u2019 in the coming days. S&amp;P 500 could see additional losses as the price struggles to push beyond key resistance. [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":105087,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1381],"tags":[3069,1398],"class_list":{"0":"post-106177","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-usd","8":"tag-sp","9":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>S&amp;P 500 Index At Key Support as Fiscal Stimulus Hopes Fade - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/sp-500-index-at-key-support-as-fiscal-stimulus-hopes-fade\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-at-key-support-as-fiscal-stimulus-hopes-fade\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-at-key-support-as-fiscal-stimulus-hopes-fade\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"S&#038;P 500 Index At Key Support as Fiscal Stimulus Hopes Fade\",\"datePublished\":\"2020-10-27T19:24:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-at-key-support-as-fiscal-stimulus-hopes-fade\\\/\"},\"wordCount\":451,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-at-key-support-as-fiscal-stimulus-hopes-fade\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/100607-gbp-usd-pound-higher-trade-talks-696x392-1.jpg\",\"keywords\":[\"S&amp;P\",\"usd\"],\"articleSection\":[\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-at-key-support-as-fiscal-stimulus-hopes-fade\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/sp-500-index-at-key-support-as-fiscal-stimulus-hopes-fade\\\/\",\"name\":\"S&P 500 Index At Key Support as Fiscal Stimulus Hopes Fade - 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