US Stock-Futures Rally to All-Time High as Biden Takes Office

Equities

Major US stock index futures rallied to fresh record highs following Biden's inauguration. Investors are optimistic about Biden's expenditure plans, where he focuses on making American healthy again and boosting economic activity. On the other hand, he took orders that expressed openness to other countries, which should lessen tensions that the Trump administration has created. Moreover, the robust fourth-quarter corporate earnings lifted risk appetite. The Dow Jones Industrial Average futures rose to 31168, the S&P500 futures advanced to 3858, and Nasdaq futures ascended to an all-time high of 13390.

USD

The dollar index, which measures the greenback against a basket of major currencies, drifted lower to 90.24 as Biden's inauguration sparked flow to riskier assets. Investors are looking forward to Biden's non-offending performance, which would ease downside risks. On the other hand, the US Treasury yields declined, with 10-year yields diverging from interim top of 1.184%, falling to 1.075%. The GBPUSD rallied to $1.3710, and the AUDUSD advanced to $0.7777.

Metals

Precious metals prices raced higher as the dollar declined along with US Treasury yields. The price of a gold ounce soared to a two-week high of $1875, the price of a silver ounce rose to $26.05, and palladium futures held steady near $2385.

Oil

Oil prices retreated as market participants weigh in the impact of additional lockdowns. European countries are extending lockdown measures to control the Covid19 spread, with Asian countries following. Meanwhile, the American Petroleum Institute reported a rise in weekly crude oil stock by 2.562 million barrels. The West Texas Intermediate Crude March delivery dipped to $52.80, and the Brent blend March contract fell to $55.64.

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