Premarket: Nasdaq Futures Rebound On Stimulus Hopes

Nasdaq 100

Nasdaq futures trading 1.09% higher, but off the daily highs, after the rebound in Asian markets. Reports that US Treasury Secretary Mnuchin is weighing options for fast cash loans support investors sentiment.

Wall Street ended deep in the red yesterday despite the Fed cut interest rates by 100 basis points to 0.0%-0.25% and announced the buyback of $700 million of Treasurys and mortgage-backed securities. The Fed move failed to calm investors as the coronavirus outbreak continues to lockdown European countries.  

The United States Retail Sales came in at -0.5% in February below the forecasts of 0.2%. As of writing the S&P 500 futures are 0.92% higher at 2425. The Dow Jones futures are 0.99% higher at 20428. 

European Stocks Trying to Stabilize

European indices are trading slightly lower by midday giving up early gains. The DAX Index is 1.37% lower at 8,623 after the Germany ZEW Survey for Economic Sentiment registered in at -49.5 below the forecasts of -26.4 in March. The Current Situation ZEW survey came in at -43.1 below the forecasts of -30. The CAC 40 is 1.17% lower at 3,835. FTSE 100 is 1.37% lower at 5,080 while the FTSE Mib index is 0.12% lower at 14,962. 

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Cryptocurrencies Rebound

Cryptocurrencies managed to rebound today, the bitcoin (BTCUSD) is 4.85% higher at $5278. Ethereum (ETHUSD) is 4.94% higher at 116.72. Ripple (XRPUSD) is 4.44% higher at 0.1473 while Litecoin (LTCUSD) is 3.33% higher at 34.44

Crude Oil Attracts Some Bids

Crude oil price attempts to rebound from recent lows amid the coronavirus crisis and a price war between Russia and Saudi Arabia. The WTI crude oil is 0.70% higher at $28.88. Brent crude oil is 0.71% higher at $29.79. 

Gold trading lower for the sixth consecutive trading session, giving up 2.01% at $1483. Silver price is 4.27% lower at $12.29. 

In forex markets, the US dollar index is gaining momentum above 0.99, as of writing is 1.55% higher at 99.52. The Euro is 1.81% lower at 1.0981 against the USD. British pound is 1.38% lower against the US Dollar at 1.2099. The USDJPY pair is 1.07% higher at 107.01.  

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