S&P 500 index firming off from the lows: Fxstreet

S&P 500 index firming off from the lows: Fxstreet At the time of writing, the S&P 500 Index is trading down 0.27% at 3,616.95, off some 9.77 points having travelled between a range of 3,588.68 and 3,621.12. US stocks are off their lows despite a poor US Retail Sales outcome and worries over the near-term economic outlook. Stocks have been under pressure on Tuesday and gave back territory from the start of the week's risk-on gains as investors monitor the spread of COVID-19 cases. The third wave has raised concerns over fresh lockdown measures in the US which has superseded the optimism over a vaccine, despite the second successful trial in progress. On Monday, the biotech company Moderna Inc. said that its experimental vaccine was 94.5% effective in preventing disease, according to an analysis of its clinical trial. The welcomed news followed that of Pfizer and BioNTech exactly one week earlier that said their vaccine was more than 90% effective. The combination of earnings and the vaccine news has propelled stocks to all-time highs, but on Tuesday, investors are treading more cautiously. Investors will be keeping a stern eye on the Federal Reserve in the hope of unprecedented stimulus measures, as well as the progress of the President-select Joe Biden's economic plan. Considering that the Federal Reserve still has no assurance that fiscal stimulus will be as big and ambitious as the Democrats have hoped for, analysts at Standard Chartered said that the Fed might consider it necessary to ease in coming weeks, even ahead of the next FOMC meeting in December.


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