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Premarket: S&P 500 & Nasdaq 100 Futures Sharply Lower on Risk Aversion

S&P 500
S&P 500

S&P 500 futures set for a sharply lower opening amid growing concerns on the coronavirus spread in South Korea and Italy. A rise in coronavirus cases in Italy that hit 195 and four deaths above the increasing number of cases in South Korea.  South Korea’s Kospi index was down almost 4% while in Milan the FTSE Mib index as of writing is 4.41% lower at 23680.

Investors attention shifted from the strong economic data on the impact of coronavirus in the global economy.

Dow Jones Industrial Average futures are 2.44% lower at 28277. The S&P 500 futures are 2.33% lower at 3260, while the Nasdaq futures are 2.60% lower at 9211 pointing to a negative start in Wall Street.

European Indices Sharply Lower

European indices are under heavy selling pressure. The DAX Index is 3.48% lower at 13,108 despite the positive data from IFO business survey in February. The CAC 40 is 3.41% lower at 5,824 while the FTSE 100 is 3.02% lower at 7,179.

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Cryptocurrencies Give Up Sunday Gains

 Cryptocurrencies rebound today. The bitcoin is 1.62% lower at 9804 as the positive momentum from yesterday’s session cancelled. Litecoin is underperforming giving up 3.62% at 76.91. Ripple (XRPUSD) is 3.21% lower at 0.2749 while the Ethereum (ETHUSD) is 1.51% lower at 271.80.


Crude Oil Under Pressure On Global Demand Worries

 Crude oil price is 3.95% lower at 51.25 amid increased worries that the coronavirus retreat today after a four days rally. Brent crude oil is 3.85% lower at $56.12.

Gold extends the recent rally making fresh seven-year highs at 1682 as investors bid on safe-haven assets. Silver price is also higher adding 1.59% higher at $18.78.

In forex markets, US dollar is on-demand while the Aussie dollar slumps against the dollar. As of writing the AUDUSD is 0.39% lower at 0.6600. The Japanese Yen is higher today and the USDJPY pair is 0.15% lower at 111.34. NZDUSD is 0.37% lower at 0.6325 while the GBPUSD hovers around the 1.29 mark.

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