US Stock-Futures Ease, Earnings Eyed

Equities

Futures tied to major US stock indices drifted lower during the past couple of hours amid growing fears over the new Covid19 variants. Health officials, among them US Fauci, expressed woes over the efficacy of the current vaccines on the new Covid19 strains. On the other hand, there are some chatters of a possible delay in approving Biden's stimulus plan. Investors will follow up carefully on the release of corporate earnings in one of the busiest weeks of the season, where disappointment could lead to correction in certain overvalued stocks. The Dow Jones Industrial Average futures declined to 30668, the S&P500 futures fell to 3821, and Nasdaq futures dropped to 13382.

USD

The dollar index, which measures the greenback against a basket of major currencies, inched higher to 90.61, as investors favored dollar safety. Market participants are afraid of the impact of new Covid19 strains on the economic activity and rushed towards safer currencies. On the other hand, the prospects of delaying Biden's stimulus plan lifted the dollar. The EURUSD declined to $1.2107, the GBPUSD tumbled to $1.3609, and the risk-sensitive AUDUSD dropped to $0.7669.

Metals

Precious metals price hovered in a tight range awaiting fresh drivers. The price of a gold ounce held steady above $1850, the price of a silver ounce was unchanged near $25.30, while palladium futures declined to $2320.

Oil

Oil prices continued to trade in a flat mode awaiting some fresh clarifications over the path of Covid19 tackling. Investors are afraid that the new variants will disrupt the economic recovery and force stricter lockdown, while producers' promise of cutting output is offsetting a little. The West Texas Intermediate crude March delivery hovered near $52.50, and Brent Blend March delivery stood near $55.60.

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