Premarket: S&P 500 & Nasdaq 100 Futures Higher On Stimulus Hopes

Stock futures are set to pop in the opening on speculation that President Trump will announce relief measures that include a payroll tax cut to offset the coronavirus impact. The relief comes on top of an 8.3 billion package that President Trump signed last month. Investors also bet for an additional rate cut by Fed. Now, the March fed funds futures contract is pricing in about 97% of a 75 basis point rate cut next week that would bring the benchmark down to 0.25%-0.50%.

The Dow Jones futures are 4.00% higher at 24845, while the Nasdaq futures are 4.28% higher at 8289. The S&P 500 futures are 4.07% higher at 2859, trading below the 200-day moving average.

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European Stocks Rebound

European stocks trading higher today recovering some of yesterday’s sharp losses, as Italy lockdown yesterday the entire country. The DAX Index is 2.78% higher at 10,921. The CAC 40 is 3.38% higher at 4,860, as France reported a recovery in industrial output after a sharp drop in December. The Industrial Output in January came in at 1.2%. FTSE 100 is 3.58% higher at 6,179 while the FTSE Mib index is 1.40% higher at 18,734.

Cryptocurrencies Turn Higher

Cryptocurrencies managed to return on positive teirtorry by midday, the bitcoin (BTCUSD) is 1.87% higher at $8084. Ethereum (ETHUSD) is 0.29% higher at 203.51. Ripple (XRPUSD) is 1.48% higher at 0.2123 while Litecoin (LTCUSD) is 0.10% higher at 50.58

Crude Oil Rebound

Crude oil price rebounds today from yesterday’s sharp selloff amid the Russia and Saudi Arabia price war. The WTI is 9.32% higher at $34.02. Brent crude oil is 11.81% higher at $37.35.

Gold is 0.85% lower at $1666 as the precious metal retreat from recent highs. Silver price is 0.45% higher at $17.05.

In forex markets, US Dollar is strong across the board. Euro is 0.51% lower at 1.1387 against the USD. The British pound is 0.72% lower against the USD. The dollar index is 0.70% higher at 95.73. AUSDUSD is 0.41% lower at 0.6557. The Japanese yen retreat today against the US Dollar, and the USDJPY pair is 1.90% higher at 104.30.

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