Nasdaq 100 futures adds over 95 points in premarket as the risk appetite returns at least for the moment. The US Senate approved a $485 billion relief package that includes about $320 billion for the Payroll Protection Plan (PPP) that turns loans into grants for small companies that maintain or rehire employees.
Crude oil prices stabilize today after the two-day extreme sell-off. Traders await the US oil inventory report. Yesterday, the API estimated that oil holdings rose by 13.2 million barrels last week.
On the corporate earnings, Netflix and Snap beat the consensus for quarterly sales and user growth as stay-in-home orders benefited both companies. On the other hand, Delta Air Lines reported a first-quarter loss and adjusted revenue drop of 20% compared to last year. Mortgage applications dropped 0.3% for the week ended April 17, the previous week it was 7.3% higher.
Nasdaq futures are 1.05% higher at 8,522; Dow Jones futures are 1.04% higher at 23,167 while the S&P futures are 1.11% higher at 2,762.
European Stocks Rebound After Yesterday’s Sharp Losses
European markets managed to rebound today on news that Oxford University vaccine that is under development has an 80% chance of success.
FTSE 100 is 1.43% higher at 5,721; the UK inflation came down to 1.5% in March from 1.7% in February. DAX Index is 0.88% higher at 10,338. The German Council of Economic Experts forecasts the German economy to contract by 5.5% in 2020.
The CAC 40 is 0.40% higher at 4,374, while the FTSE Mib index is 1.12% higher at 16,635.
Brent crude oil price is over 0.56% higher at $19.74 while the WTI June delivery futures bounced from negative level and trades 1.64% higher at $11.79 per barrel. Gold price also managed to rebound today, as of writing is 0.79% higher at $1698, while the Silver price is 0.77% higher at $14.94.