Premarket: Nasdaq 100 & S&P 500 Futures Turn Red Ahead of The Opening

Nasdaq 100

Nasdaq 100 futures after a positive start turned again lower in the European session and as of writing is 0.57% lower at 8408 on increased volatility. Markets trying to stabilize after the previous week sell-off that drove the U.S. major indices in the correction territory. Investors hope for interest rate cuts from global central banks in the upcoming weeks as governments around the world mobilise initiatives to insulate economies from the negative impact associated with the coronavirus outbreak. The Organization for Economic Cooperation and Development (OECD) said the global economy facing its biggest threat since the Great financial crisis in 2008 and cut its 2020 growth forecasts in the wake of the coronavirus spread.

The Dow Jones futures are 0.13% higher at 25332, while the S&P 500 futures are 0.52% lower at 2935.

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European Indices Turn Negative

European indices after a positive start turn lower in midday.  The DAX Index is 0.94% lower at 11,779 despite the positive manufacturing PMI that beat market consensus. The CAC 40 is 0.71% lower at 5,270 while the FTSE 100 is 0.19% higher at 6,589. In Milan, Italy the FTSE Mib index is 2.75% lower at 21379.


Bitcoin Rebound Above the 200-day Moving Average

Cryptocurrencies started the week in the positive foot the positive opening. The bitcoin (BTCUSD) is 3.27% higher at $8809. Litecoin (LTCUSD) is 4.72% higher at 60.35. Ripple (XRPUD) is 4.35% higher at 0.2368 while Ethereum (ETHUSD) is 4.50% higher at 227.15.

Crude Oil Rebound from 13-Month Lows

Crude oil price managed to rebound today as hopes for central banks intervention rise. The WTI is 1.34% higher at $45.35. Brent crude oil is 0.28% higher at $50.30. Gold also managed to rebound after the Friday’s sharp sell-off  and is 0.51% higher at 1593. Silver price is 0.45% higher at $16.66.

In forex markets, the euro jumped above 1.20 against the US Dollar amid increased expectations of an interest rate cut. The Australian dollar rebounds against the USD, the AUDUSD is 0.68% higher at 0.6551. The USDJPY is 0.44% lower at 107.66. NZDUSD is 0.37% higher at 0.6269.


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