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Premarket: S&P 500 & Nasdaq 100 Futures Retreat Despite Strong NFP Data

nasdaq 100

Nasdaq futures are 0.29% lower at 941 pointing to a negative start despite the stronger NFP data. The January 2020 non-farm payrolls came in at 225k beating the expectations of 160k and above the previous reading of 145k. The unemployment rate registered in at 3.6% above the forecasts and the previous reading of 3.5%. The Labor Force Participation Rate reported at 63.4% above expectations 63.1%. The Average Hourly Earnings (yearly) came in at 3.1% topping forecasts of 3%.

Wall Street indices yesterday hit record highs on better manufacturing and employment data. The Dow Jones futures are 0.44% lower at 29199 while the S&P 500 futures are 0.43% lower at 3331.

European Stocks Retreat  

European stocks are trading lower with the FTSE 100 in London down 0.54% at 7,464. The DAX Index is 0.52% lower at 13,503 after weaker than expected Industrial production data from Germany. The CAC 40 is 0.34% lower at 6,016 while the FTSE MIB is 0.33% lower at 24,407.

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Cryptocurrencies Pair Early Gains

Cryptocurrencies trade higher but off the daily highs. Bitcoin price is 0.07% higher at 9761. Ethereum posts strong gains for second day in a row, is 3.34% higher at 220.20. Litecoin (LTCUSD) is 0.12% lower at 73.36 while the Ripple is 0.72% lower at 0.2800.

Crude Oil Down On Demand Worries

Crude oil gives up early gains amid global demand and is 0.10% higher at $50.80, while the Brent crude oil is 0.62% lower at $54.94. Gold price is 0.14% higher at $1568.80 while Silver is 0.29% lower at $17.74.