S&P 500 futures trading 3.70% lower but off the daily lows as the coronavirus cases jump across the globe. For the first time confirmed cases top 200,000 as Italy reported more than 2,500 deaths. U.S.
Administration added $1 trillion stimulus package to the fight against the coronavirus outbreak impact. The fiscal and monetary stimulus, have sparked a dramatic rise in yields, as failed to calm investors.
As of writing the Nasdaq futures are 4.44% lower at 7064. The Dow Jones futures are 3.94% lower at 20039.
European Indices Extend Losses
European indices are trading sharply lower by midday. The DAX Index is 5.47% lower at 8,449. The CAC 40 is 5.57% lower at 3,762. FTSE 100 is 4.66% lower at 5,045 while the FTSE Mib index is 3.02% lower at 14,852.
Cryptocurrencies retreat today but show some signs of stabilization, the bitcoin (BTCUSD) is 3.67% lower at $5125. Ripple (XRPUSD) is 2.88% lower at 0.1431. Ethereum (ETHUSD) is 2.98% lower at 112.45. while Litecoin (LTCUSD) is 3.04% higher at 33.12.
Crude Oil Hits 17-Years Low
Crude oil price slumps to 2003 levels amid the sharp decline in global demand and a price war between Russia and Saudi Arabia. The WTI crude oil is 6.90% higher at $25.06. Brent crude oil is 4.90% lower at $27.25.
Gold giving up 2.09% at $1495 breaking below the 200-day moving average. Silver price is 4.20% lower at $12.05.
In forex markets, the US dollar index has breached the 100 mark amid the USD funding crunch. The Euro is 0.54% lower at 1.0935 against the USD. The British pound is 1.55% lower against the USD at 1.1868. The USDJPY pair is almost unchanged at 107.70.