Premarket: Nasdaq 100 – S&P 500 Futures Spooked By Rise on Coronavirus Cases
Nasdaq 100 futures trading lower after China reported a sharp rise in coronavirus infections and deaths. Today reported 254 deaths and a rise in coronavirus cases of 15,152, after the province of Hubei applied a new classification system. World Health Organization (WHO) spokesman Jasarevic said the WHO is seeking more clarity from China on the updates to its case definition and reporting protocol.
Investors attention turns to who is hit the hardest. Europe and especially Germany might have the worse impact as China is its biggest export market.
Yesterday Wall Street ended with new record highs. The Nasdaq ended 0.90% higher at 9725. The Dow Jones closed up 0.94% at 29551 while the S&P 500 edged up 0.65% at 3379.
The Nasdaq futures as of writing are 0.84% lower at 9546 pointing to a negative opening for the cash market. The Dow Jones futures are 0.68% lower at 29323 while the S&P 500 futures are 0.66% lower at 3357.
European stocks are under severe selling pressure amid the coronavirus fears. The FTSE 100 gives up 1.67% at 7,408 amid the UK Cabinet reshuffle. The DAX Index is 0.62% lower at 13,663 retreating from all-time highs. The CAC 40 is 0.81% lower at 6,054 while the FTSE MIB is 0.58% lower at 24,717.
Cryptocurrencies Retreat from Recent Highs
Cryptocurrencies give up early gains and turn negative in European session. Bitcoin price is 1.31% lower at 10218. Ethereum price is 0.74% higher at 268.28 close to seven-month highs. Litecoin is 0.97% lower at 80.58 while Ripple (XRPUSD) is 6.81% higher at 0.3265.
Crude Oil Resumes Downtrend
Crude oil price trades lower as the demand worries resurfaced. WTI crude oil is 0.74% lower at $50.69, while the Brent crude oil is 1.47% lower at $55.46. On the other hand safe haven assets are on demand today. Gold price is 0.44% higher at $1572.63 while silver is 0.77% higher at $17.59.