Premarket: S&P 500 Futures Plunge On Panic Selling As Wall Street Enter Bear Market

S&P 500
S&P 500

S&P 500 futures plunge before the opening bell as President Trump failed to calm investors over the coronavirus spreading. The President announced a 30-day travel ban for European flights to the U.S.A. Airline and leisure stocks are tumbling across the globe, and treasury yields slumped. The major indices in Wall Street yesterday entered the bearish territory.
Global cases of the coronavirus pandemic now climbed above 126,000, according to Johns Hopkins University, with 4,640 deaths reported across the globe.
The United States Producer Price Index came in at -0.6%, below the forecasts of -0.1% in February, the yearly reading came in at 1.3%, below the estimates of 1.8%. The Initial Jobless Claims came in at 211K, below the forecasts of 218K in the week of March 6.
As of writing the S&P 500 futures hit their lower trading limit. The Dow Jones futures are 5.22% lower at 22344, while the Nasdaq futures are 5.02% lower at 7601.

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European Stocks To Lowest Level Since 2016

European indices are trading sharply lower by midday hitting the lowest levels since 2016. The ECB left the interest rates unchanged at -0.5%. Meanwhile, the Eurozone banking index hit a record low. The DAX Index is 6.24% lower at 9,786. The CAC 40 is 6.18% lower at 4,325. FTSE 100 is 5.61% lower at 5,547 while the FTSE Mib index is 5.36% lower at 16,968. 

 Cryptocurrencies In Bloodbath

 Cryptocurrencies tumble by midday to extreme levels, the bitcoin (BTCUSD) is 25.55% lower at $5889. Ethereum (ETHUSD) is 30.44% lower at 134.63. Ripple (XRPUSD) is 25.01% lower at 0.1555 while Litecoin (LTCUSD) is 25.45% lower at 36.51


Crude Oil Drops 6%

Crude oil price is under selling pressure for one more day as President Trump ban all flights from Europe and amid the Russia and Saudi Arabia price war. The WTI is 6.38% lower at $30.91. Brent crude oil is 7.02% lower at $33.52. 

 Gold is 0.97% higher at $1665 as investors return to safe-haven assets. Silver price is 0.33% higher at $16.93. 

In forex markets, Aussie dollar is sharply lower -2.00% against the greenback. The Euro is 0.36% lower at 1.1229 against the USD. The British pound is also 1.11% lower against the USD. The Japanese yen is stronger for one more day as investors attention shifts to safe-haven assets, and the USDJPY pair is 0.53% lower at 103.99.  

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