Cash Opens Lower, But Futures Rip Higher Following Opening Bell

While the S&P 500 cash followed futures and opened in the red, US stock futures have improved materially over the past hour or so, trimming the day's losses by around 40 points.

The improvement in equity markets follows further comments from Nancy Pelosi, who stated that they "will get something done on stimulus". A number of analysts have also noted that Trump's positive COVID test could be a catalyzing moment for further fiscal spending, and could force both sides to narrow their differences.

Materials are trading well within the S&P 500, with tech seeing the sharpest losses. Overnight lows in the E-mini S&P at 3300.25 undercut as support, while the current bounce may encounter resistance at 3346.75, the 61.8% retracement of the day's range.