Premarket: Nasdaq 100 and S&P 500 Futures Higher as Coronavirus Fears Ease
Nasdaq futures trading higher for one more day close to record highs as the coronavirus fears ease. Slowing coronavirus infection rate, and optimism that soon the vaccine for the virus will be ready, lift investors sentiment. Many analysts have increased best that central banks will step in to inject more liquidity in markets if needed, in an attempt to contain the coronavirus impact. Yesterday Wall Street hit one more record but gave up almost all gains before the end of the session. News that the Federal Trade Commission issued special orders to five large technology firms concerning their acquisition activities over the last ten years, spooked markets. Dow Jones closed flat; the S&P 500 Index was up 0.17% at 3357 while the NASDAQ ended 0.11% higher at 9638.
On the data front the United States MBA Mortgage Applications dropped to 1.1% in February 7 from the previous 5%.
Nasdaq futures are 0.50% higher at 9575 pointing to a positive opening for the cash market. The Dow Jones futures are 0.42% higher at 29352 while the S&P 500 futures are 0.38% higher at 3370.
European stocks are trading higher after European Monetary Union Industrial Production s.a. (MoM) came in at -2.1% below the forecasts of -1.6% in December. The FTSE 100 in London adding 0.37% at 7,526. The DAX Index is 0.78% higher at 13,735 making fresh all-time highs. The CAC 40 is 0.41% higher at 6,079 while the FTSE MIB is 0.68% higher at 24,855.
Cryptocurrencies in another leg higher after yesterday Bitcoin breached above the 10000 mark. Bitcoin price is 0.52% higher at 10321 making fresh five-month highs. Ethereum (ETHUSD) outperforming it’s peers trading 7.38% higher at 255.55 at seven-month highs. Litecoin is 3.40% higher at 79.42 while Ripple (XRPUSD) is 5.89% higher at 0.2989.
Crude Oil On Demand
Crude oil price breaks above the $50 mark as the rebound from recent lows is intact. WTI crude oil is 1.60% higher at $50.74, while the Brent crude oil is 1.80% higher at $55.14. Gold price is 0.12% lower at $1565.92 while silver is 0.19% lower at $17.54.