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Premarket: Nasdaq 100 & S&P 500 Futures Rebound But Stocks Remain Fragile

nasdaq 100 index

Nasdaq futures set for a positive opening as traders continue to digest the developments around the coronavirus outbreak. A rise in coronavirus cases in Italy and South Korea rattled markets yesterday, sending equities around the globe over 3% lower. Investors are searching for positive news in the coronavirus vaccine developments. Yesterday, U.S biotech firm Moderna (MRNA) said that it created the first batch of mRNA-1273 to treat humans for the coronavirus, and released it to officials at the National Institute of Allergy and Infectious Diseases.

The S&P 500 futures are 0.45% higher at 3240. Dow Jones futures are 0.48% higher at 28105, while the Nasdaq futures are 0.73% higher at 9159 pointing to a positive start in Wall Street.

European Indices Pair Gains

European stocks gave up early gains and turned lower after headlines of more infections in the Canary Islands. European stocks have calmed after yesterday’s sell-off but traders remain on edge. The DAX Index is 0.35% lower at 12,987. Germany reported the Q4 GDP details which showed that the German economy stagnated in the last quarter. The GDP came in at 0% in line with expectations. The yearly GDP reading came in at 0.3% matching market consensus. The CAC 40 is 0.35% lower at 5,771 while the FTSE 100 is 0.59% lower at 7,113.

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Cryptocurrencies Under Pressure

Cryptocurrencies continue lower for the second consecutive trading session after the rejection at $10000. The bitcoin is 0.45% lower at $9606 after the price rebounded from the $9500 mark. Litecoin is 1.18% lower at 74.55. Ripple is 2.01% lower at 0.265 while the Ethereum (ETHUSD) is 2.03% lower at 260.65.


Crude Oil Stabilize

WTI Crude oil price is 0.05% lower at $51.39 amid weak global demand. Brent crude oil is 0.55% higher at $56.49.

Safe-haven assets are on the offer today as markets trying to stabilize. Gold is 0.52% lower at 1650  correcting from seven-year highs. Silver price is also lower giving up 1.14% at $18.39.

In fx markets, the British pound is 0.28% higher against the US dollar.  The Aussie dollar continues the trip south braking below the 0.66 mark against the greenback. The Japanese Yen is higher today and the USDJPY pair is 0.10% lower at 110.58. NZDUSD is 0.35% lower at 0.6314.

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