Nasdaq futures point to a weak opening on Monday as crude oil prices collapse to $13 per barrel as the coronavirus outbreak hit demand. Investors will focus this week on corporate earnings reports of some of the market bellwethers. Fed announced on Sunday that it would buy $15 billion of Treasuries or $75 billion over the week.
US: Chicago Fed National Activity Index dropped to -4.19 in March from 0.06 in February. Dow Jones futures are 2.01% lower at 23,667. Nasdaq 100 futures are 0.95% lower at 8,724, while the S&P 500 futures are 1.87% lower at 2,816.
European Stocks Retreat
European markets are trading lower by midday; DAX Index is 1.34% lower at 10,484. The CAC 40 is 1.04% lower at 4,452. FTSE 100 is 0.72% lower at 5,745, while the FTSE Mib index is 1.49% lower at 16,799.
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Cryptocurrencies Pare Gains
Cryptocurrencies are trading lower after a positive start; Ripple price forms inverse Head and Shoulders at 100 SMA hinting at a potential rally. Bitcoin is 1.57% lower at 7019. Ethereum is 1.17% lower at 178.09, while Litecoin is 1.32% lower at 41.73.
Crude Oil Price Slumps to 1999 Level
WTI crude oil price is over 37% lower at $11.45 while the Brent crude oil is 7.04% lower at $26.42 per barrel. Gold price rebound after Friday’s heavy losses; gold price is 0.31 higher at $1,686. Silver price is 0.51% higher at $15.23.
In the forex markets, USDCAD likely to resume uptrend as crude oil prices drop. The USDJPY is 0.22% higher at 107.74. AUDUSD is 0.04% higher at 0.6363. NZDUSD is 0.44% higher at 0.6055. USDTRY close to two-year highs as coronavirus spread in Turkey.
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