Premarket: S&P 500 and Nasdaq Futures Nervous Ahead of The Opening Bell

Dow Jones S&P 500
S&P 500

S&P 500 futures trading slightly higher in premarket as the USA is now the epicentre of the COVID-19 spread with the highest number of confirmed cases around the globe. The cases in the U.S. surpass 143,000 with almost 2,500 deaths. Spain has confirmed 80,100 cases, while Italy reported a total of at least 97,600 confirmed cases and 10,700 deaths.

Investors digest the 2.2 trilion relief package signed by Congress amd the People’s Bank of China cut of the seven-day reverse repo rate to 2.2% from 2.4%. That is the biggest rate cut in half a decade.

Nasdaq futures are 0.20% higher at 7584, the Dow Jones futures are 0.22% lower at 21395, while the S&P 500 futures are 0.12% higher at 2527. 

European Indices Retreat

European indices trading lower after ECB call for a dividend halt the banks until October. The EU Industrial Confidence came in at -10.8, topping the forecasts of -12.7 in March, while the Consumer Confidence came in at -11.6 in line with forecasts. The DAX Index is 0.12% lower at 9,620. The CAC 40 is 1.01% lower at 4,307. FTSE 100 is 0.91% lower at 5,457. FTSE Mib index is 1.13% lower at 16,629. 

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Cryptocurrencies Sharply Higher  

Cryptocurrencies managed to recover most of yesterday’s loses, Bitcoin price recovers yesterday’s loses, with a positive bias above $6,000 and as of writing is 9.19% higher at $6423. Ripple Price is trading 7.94% higher at 0.1749. Ethereum ETHUSD is 8.00% higher at 134.55, while LTCUSD is 6.12% higher at 39.30. 

Crude Oil Price Hits 17-Year Lows  

Sellers returned today to black gold; the WTI crude oil price is 5.07% lower at $20.43 as WTI crude oil price heads to $15 as price breaches key support. Brent crude oil is 8.53% lower at $22.82. Gold price retreat from two-week highs, and trades 0.11% lower at 1624. Silver price is 2.55% lower at $14.02.  

In the forex markets, GBP to USD ponders next move after Fitch UK downgrade; the pair is 0.15% lower at 1.2427. EURGBP tests Friday’s low as the correction continues. EURUSD is 0.66% lower at 1.1057. The Australian dollar is 0.58% lower against the USD, while Kiwi is 0.60% lower at 0.6003 against the USD. 

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