Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- S&P 500 futures trading slightly higher in premarket as the USA is now the epicenter of the COVID-19 spread with the highest number of confirmed cases
S&P 500 futures trading slightly higher in premarket as the USA is now the epicentre of the COVID-19 spread with the highest number of confirmed cases around the globe. The cases in the U.S. surpass 143,000 with almost 2,500 deaths. Spain has confirmed 80,100 cases, while Italy reported a total of at least 97,600 confirmed cases and 10,700 deaths.
Investors digest the 2.2 trilion relief package signed by Congress amd the People’s Bank of China cut of the seven-day reverse repo rate to 2.2% from 2.4%. That is the biggest rate cut in half a decade.
Nasdaq futures are 0.20% higher at 7584, the Dow Jones futures are 0.22% lower at 21395, while the S&P 500 futures are 0.12% higher at 2527.
European Indices Retreat
European indices trading lower after ECB call for a dividend halt the banks until October. The EU Industrial Confidence came in at -10.8, topping the forecasts of -12.7 in March, while the Consumer Confidence came in at -11.6 in line with forecasts. The DAX Index is 0.12% lower at 9,620. The CAC 40 is 1.01% lower at 4,307. FTSE 100 is 0.91% lower at 5,457. FTSE Mib index is 1.13% lower at 16,629.
Read our Best Trading Ideas for 2020.
Cryptocurrencies Sharply Higher
Cryptocurrencies managed to recover most of yesterday’s loses, Bitcoin price recovers yesterday’s loses, with a positive bias above $6,000 and as of writing is 9.19% higher at $6423. Ripple Price is trading 7.94% higher at 0.1749. Ethereum ETHUSD is 8.00% higher at 134.55, while LTCUSD is 6.12% higher at 39.30.
Crude Oil Price Hits 17-Year Lows
Sellers returned today to black gold; the WTI crude oil price is 5.07% lower at $20.43 as WTI crude oil price heads to $15 as price breaches key support. Brent crude oil is 8.53% lower at $22.82. Gold price retreat from two-week highs, and trades 0.11% lower at 1624. Silver price is 2.55% lower at $14.02.
In the forex markets, GBP to USD ponders next move after Fitch UK downgrade; the pair is 0.15% lower at 1.2427. EURGBP tests Friday’s low as the correction continues. EURUSD is 0.66% lower at 1.1057. The Australian dollar is 0.58% lower against the USD, while Kiwi is 0.60% lower at 0.6003 against the USD.