Nasdaq 100 futures trade higher for the second day pointing to a positive start in the cash markets amid the partially opening optimism. Wall Street managed to recover yesterday after a negative opening. Crude oil is trading also higher, and that boosts oil stocks.
In our trading calendar today we expect the March trade balance, and the final April PMI for the composite, services, and the non-manufacturing ISM. The main event of the week is on Friday’s jobs report, which is expected to show a loss of more than 21 million jobs and a jump in the unemployment rate to 16.5% from 4.4%.
The Dow Jones futures are 1.10% lower at 23,830. The Nasdaq futures are 1.24% higher at 8,903 while the S&P futures are 1.07% higher at 2,855.
European markets trading higher by midday. Germany’s Constitutional Court did not find a violation of the prohibition of monetary financing of EU Member State budgets. The court decision does not concern any financial measures taken by the EU or the ECB amid the coronavirus outbreak.
Dax index is 1.35% higher at 10,610. On the data front, the European Monetary Union Producer Price Index came in at -1.5%, below the forecast of -1.3% in March. The CAC 40 is 1.51% higher at 4,443. The FTSE Mib is 0.81% higher at 17,168. FTSE 100 is 1.31% higher at 5,829 after the UK Final Services PMI came in at 13.4 topping the forecast for April.
Crude Oil Price Rallies On Demand Optimism
Brent crude oil price is 2.87% higher at $27.20 as the optimism returns to markets amid the reopening of businesses around the globe. The WTI June delivery futures is 10.40% higher at $22.48 per barrel. Gold price consolidates around the $1,700 mark while the Silver price is 0.52% lower at $14.75.