Nasdaq 100 futures started with a gap down on Monday trading 1.92% lower but off the daily lows after an emergency funding package failed a key Senate procedural vote. The $1.8 trillion relief package is a corporate bailout with no protections for workers. Democrats blocked the bill, with a 47-47 split leaving it short of the required 60 votes.
The coronavirus cases top 340,000 with the death toll reaching 14800 as Italy reported more than 5,400 deaths.
The stock market is going to be very volatile because investors can’t assess the global shutdown. As of writing the S&P 500 futures are 2.74% lower at 6820. The Dow Jones futures are 2.66% lower at 18532.
European Indices Extend Losses
European indices extend losses by midday. The DAX Index is 2.85% lower at 8,669, Bundesbank said that the recession in Germany is inevitable, but the public finances are robust enough to combat the coronavirus outbreak crisis. The German government signed a €750 billion economic package to combat coronavirus spread impact. The CAC 40 is 3.09% lower at 3,923. FTSE 100 is 3.75% lower at 4,997 while the FTSE Mib index is 3.36% lower at 15,203.
Cryptocurrencies Rebound After Sunday’s Sharp Loses
Cryptocurrencies rebound today after yesterday’s sharp losses, the Bitcoin (BTCUSD) is 1.22% higher at $5877. Ripple is 2.00% higher at 0.1505. Ethereum is 0.94% higher at 123.625, while Litecoin is 2.74% higher at 36.42.
Crude Oil Price Falls to 2002 Lows
Crude oil price resumes downtrend today hitting levels that we haven’t seen since 2002. The WTI crude oil is 2.78% lower at $22.01. Brent crude oil is 5.23% lower at $26.98.
Gold is under selling pressure as the price rejected at the 1500 mark, as of writing gold price is 0.29% lower at $1494. Silver price is 0.03% lower at $12.54.
In the foreign exchange markets, the US dollar is outperforming for one more day, EURUSD is 0.20% lower at 1.0675. The British pound is 1.25% lower against the greenback at 1.1513. USDTRY is at 30 month-high. The Australian dollar is 1.39% lower against the USD, while NZDUSD is 1.62% lower at 0.5617. The USDJPY pair is almost unchanged at 110.80.