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Premarket: S&P 500 Futures Retreat On Rising New Coronavirus Cases

S&P 500 futures retreat today after yesterday’s sharp gains reversing the five days of gains for the index. Investors are taking some profits off the table amid rising fears of a second coronavirus wave.
Wall Street finished sharply higher as Amazon, and Tesla ended to fresh all-time highs, supported by the excess liquidity in the markets. The S&P 500 futures trading 0.66% lower at 3,151. The Dow Jones futures are 0.79% lower at 25,973, while the Nasdaq futures are 0.29% lower at 10,567.

In Asia, Chinese stocks continued higher for the second day boosted by an article in the government journal calling for a healthy stock rally. Nikkei 225 finished 0.44% lower at 22,614. Japan, Leading Economic Index, came in at 79.3 above the forecasts of 73.2 in May. The Shanghai Composite index ended 0.37% higher at 3,345. The Singapore Straits Times index finished 1.05% lower at 2,661. Hang Seng was 1.38% lower at 25,975.

European Stocks Retreat

European markets trade lower by midday. The Dax index is 1.18% lower at 12,584. The Germany Industrial production rose by 7.8% in May below the expectations of 11.1% gain. The CAC 40 index is 0.96% lower at 5,032. France’s trade deficit came up to 7.05 billion in May from 5.07 billion euros in April. In London, the FTSE 100 is 1.37% lower at 6,200. 

Crude Oil Price Lower For Second Consecutive day

Crude oil trade lower for the second straight day amid concerns of a pullback in demand as the new coronavirus cases rise in many countries around the globe. WTI crude oil futures trade 0.53% lower at 40.35 while the Brent crude oil is 0.35% lower at $42.87.  

In Forex, EURUSD pares heavy losses earlier today and as of writing is 0.16% lower at 1.1290, having hit earlier the daily low 1.1258. The British pound is 0.25% higher at 1.2523 against the greenback. 

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