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Premarket: Nasdaq 100 & S&P 500 Futures Lower On South Korea Coronavirus Cases

Nasdaq 100

Nasdaq 100 set for a negative opening as the Nasdaq futures are 0.30% lower at 9595. A rise in coronavirus cases in South Korea increase investors worries, despite a series of positive economic data from the USA. South Korea reported 52 new coronavirus cases for a total of 208.

Yesterday, the initial jobless claims registered at 210,000. The Philadelphia Fed Survey came in at 36.7 for February, which was well above the expectations. Also, the Conference Board’s leading indicators report also came stronger, gaining 0.8%, in January.

The January FOMC meeting minutes didn’t add anything new on the future rate path. Fed still thinks that current interest rates are appropriate. The coronavirus is a new downside risk that added in the meeting.

Dow Jones Industrial Average futures are 0.20% lower at 29114. The S&P 500 futures are 0.23% lower at 3361 pointing to a negative start in Wall Street.

Read our Best Trading Ideas for 2020.

European Indices Seesaw Despite Better Manufacturing PMI’s

European indices are mixed today in a quiet session. The DAX Index is 0.1% higher at 13,680. The German Manufacturing PMI for February came in at 47.8, surpassing the expectations  of 44.8. The CAC 40 is 0.03% higher at 6,065 while the FTSE MIB is 0.15% higher at 25,115. The FTSE 100 is 0.04% lower at 7,433. Positive news from the UK continued today; Manufacturing production rose in February at 51.9 beating the expectations of 49.7.


Cryptocurrencies Rebound

Cryptocurrencies rebound today. The BTCUSD is 1.04% higher at 9712 as the positive momentum cancelled after yesterday’s sell-off. Litecoin is outperforming adding 6.43% at 73.90. Ripple (XRPUSD) is 1.87% higher at 0.2759 while the Ethereum (ETHUSD) is 3.01% higher at 265.33.

Crude Oil Retreat

Crude oil price retreat today after a four days rally. WTI crude oil is 1.76% lower at $52.93, while the Brent crude oil is 1.19% lower at $58.35. Gold extend sthe rally making fresh seven-year highs at 1641. Silver price mirrors golds move and is 1.28 higher at $18.57.

In forex markets, the Aussie dollar slumps against the dollar. As of writing the AUDUSD is 0.20% lower at 0.66.01. The Japanese Yen stabilize today and the USDJPY pair is 0.10% higher at 111.97. NZDUSD is 0.29% lower at 0.6312 while the EURUSD hovers around the 1.08 mark.

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