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Premarket: Nasdaq 100 & S&P 500 Futures Retreat From Record Highs

Nasdaq 100

Nasdaq futures were pointing to weak open on Thursday as investors continue to access the economic impact of the coronavirus outbreak in China. China’s National Health Commission (CNH) reported today 114 coronavirus deaths, and only 394 new confirmed coronavirus cases. Now the total number of deaths in China has reached 2,118 and the confirmed cases surpass 74,587 cases.

The January FOMC meeting minutes released yesterday 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.

The PBOC cut the benchmark borrowing rates for new loans in an attempt to offset the coronavirus impact. As of now the move didn’t affect investors sentiment.

The S&P 500 futures are 0.17% lower at 3381. The Dow Jones Industrial futures are 0.15% lower at 2929 pointing to a negative start for the cash market.

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European Indices in Consolidation Mode

European indices are slightly lower in midday. The DAX Index is 0.16% lower at 13,767. The Germany Gfk Consumer Confidence Survey came at 9.8 in line with expectations. The CAC 40 is 0.19% lower at 6,099 while the FTSE MIB is 0.7% lower at 25,297. The FTSE 100 is 0.02% lower at 7,455. Positive news from the UK continued today with the retails sales at 0.9% beating the forecasts of 0.7% in January.

Cryptocurrencies Correction Accelerates

 Cryptocurrencies after a slightly positive start in the Asian trading session resumed the downtrend. The BTCUSD price is 0.66% lower at 9530 as the positive momentum cancelled after yesterday’s sell-off. Litecoin (LTCUSD) underperforming giving up 2.95% at 68.62. Ripple is 2.61% lower at 0.2675 while the Ethereum price is 2.71% lower at 251.35.

Crude Oil Rally Continues

 Crude oil price continues higher for fourth consecutive session. The WTI crude oil is 0.59% higher at $53.85, while the Brent crude oil is 0.07% higher at $59.38. Gold after the breakout above $1600 continues making fresh seven-year highs at 1616.  Silver price on the other hand is 0.52 lower at $18.31.

In forex markets, the Japanese yen slumps against the dollar. As of writing the USDJPY is 1.87% higher at 111.97.  The Australian dollar gives up 0.90% at 0.620 making fresh 11-year lows. NZDUSD is 0.85% lower at 0.6331. EURUSD is still on the offer below the 1.08 mark.