S&P 500 futures trade sharply lower in premarket amid an escalation in tensions between the China and USA. U.S. officials accused China that the coronavirus was created in a laboratory in Wuhan, China. The highlight of the calendar this week is the jobs data, which are 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 U.S. will report factory orders and the durable goods orders report for March.
Now there are 1.2 million Americans have been diagnosed with coronavirus and 67,680 have died. Global cases have surpassed 3.5 million, with 247,700 deaths.
The Dow Jones futures are 0.87% lower at 23,420. The Nasdaq futures are 0.56% lower at 8,671 while the S&P futures are 0.52% lower at 2,807.
European Stocks Give up Over 3%
European markets are under selling pressure after EMU manufacturing PMI was revised lower to 33.4 from 33.6. DAX Index is 3.36% lower at 10,496. The Germany Manufacturing PMI came in at 34.5, the lowest since 2009, topping the expectations of 34.4 in April. The CAC 40 is 3.76% lower at 4,400. The France Manufacturing PMI came in at 31.5 in line with expectations for April. The FTSE Mib is 3.01% lower at 17,160 after the Italy Manufacturing PMI came in at 31.1, topping the forecasts of 30. FTSE 100 is 0.11% higher at 5,769.
Brent crude oil price is 0.15% lower at $26.44 amid fears for the global oil demand. The WTI June delivery futures give up 1.52% lower to $19.48 per barrel. The gold price rebound as risk-off sentiment prevails, as of writing is 0.10% higher as $1,702 while the Silver price is 0.76% lower at $14.83.