Premarket: S&P 500 & Nasdaq 100 Futures Try to Stabilize
S&P 500 futures managed to pair losses in a highly volatile session as stocks trying to stabilize after the two days sell-off that drove U.S. indices to two-month lows. Coronavirus news continues to dominate markets as the confirmed cases rise in many countries around the globe. Investors worry that the virus can be pandemic and the economic impact will be severe for many companies around the globe. Investors hope to more monetary easing from the central banks around the globe.
The S&P 500 futures are 0.02% lower at 3129. The Dow Jones futures are 0.15% lower at 27065, while the Nasdaq 100 futures are 0.01% higher at 8855 pointing to a positive start in Wall Street. I expect an early short-covering but if the buyers can’t take control the sentiment will get even more bearish.
European Indices Pair Heavy Losses Milan Stocks Turn Green
European stocks attempt a recovery from morning heavy losses as more virus cases reported around the continent. The DAX Index is 0.83% lower at 12,687, almost half an hour after the trading session started the index was 3% lower. The CAC 40 is 0.60% lower at 5,645 while the FTSE 100 is 0.55% lower at 6,980. In Milan the FTSE Mib index managed to turn positive and now is 0.70% higher at 23251.
Cryptocurrencies At Monthly Lows
Cryptocurrencies continue lower for the third consecutive trading session as the correction from recent highs accelerates. The bitcoin (BTCUSD) is 0.73% lower at $9235, cancelling the recent positive momentum. Litecoin (LTCUSD) is 5.90% lower at 66.72. Ripple is 3.89% lower at 0.22423 while Ethereum is 3.48% lower at 238.07.
Crude Oil Hits 13-Month Lows
Crude oil price is 1.45% lower at $49.15 amid worries of weak global demand. Brent crude oil is 2.23% lower at $53.77.
Buyers return to Gold today after a short profit-taking break yesterday. Gold is 0.55% higher at 1643 . Silver price is also higher today, adding 0.20% at $17.99.
In fx markets, the British pound rejected at 1.30 and quickly returned to 1.2920 ahead of the Brexit talks next week. The Aussie dollar hits 11-year lows against the greenback, the AUDUSD is 0.55% lower at 0.6565. The Japanese Yen is lower today amid USD weakness and the USDJPY pair is 0.23% higher at 110.44, while the EURGBP managed to break above the 0.84 mark. NZDUSD is 0.33% lower at 0.6295.