Wait and see mode
Some investors may be waggling on the tee right now ahead of the Fed's meeting ending Wednesday this week. How will the Fed react to the rising 10 year Treasury yields as Friday's NFP jobs data injects enthusiasm into the pace of the recovery. Adam compared the current market enthusiasm to that of a party where the Fed is pouring alcohol into the punchbowl. It's well worth a read.
So the risk trade is flat ahead of the European trade as the market digests Friday's optimism. The risk of 'second wave' COVID-19 remains. A number of countries have been slowing/reversing their opening up as cases spike. Not quiet a second wave but they remain isolated outbreaks for now. This is an area to watch going forward as it could impact the risk trade. Risk trade remains on, but with a pause as we head towards the European open with Euro Stoxx futures pretty flat on the day at +0.36%.