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Premarket: S&P 500 & Nasdaq 100 Futures Tumble Ahead of NFP Report


S&P 500 stocks were set to slump again on Friday as indicated by the futures contracts in early trading. The US 10-year yield is 15 basis points lower today to 76 basis points. It has fallen about 40 basis points this week. The 30-year yield has dropped to below 1.5%.  Traders await the US non-farm payrolls report, with the exoeccctations that 175K jobs were added, and that would be lower from the 225K added in January. The unemployment rate is expected at 3.6%, while yearly average earnings are expected at 3% from 3.1%.

The Dow Jones futures are 2.35% lower at 25446, while the Nasdaq futures are 2.84% lower at 8403. The S&P 500 futures are 2.53% lower at 2938, trading below the 200-day moving average.

European Stocks At YTD Lows

European stocks are sharply lower for one more day. The DAX Index is 3.44% lower at 11,534, despite the German Factory Orders rose by 5.5% in January, beating the estimates of 1.4%, the previous month reading was at 6.6%. The CAC 40 is 3.59% lower at 5,164. FTSE 100 is 3.15% lower at 6,495 while the FTSE Mib index is 3.28% lower at 20,848.

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Cryptocurrencies Consolidate After the Rally Yesterday

Cryptocurrencies are keeping the positive momentum, the bitcoin (BTCUSD) is 0.54% higher at $9114. Litecoin (LTCUSD) is 1.18% higher at 62.89. Ripple (XRPUSD) is 1.75% higher at 0.2435 while Ethereum (ETHUSD) is 4.58% higher at 239.29.

Gold Rallies to Seven Year Highs

Gold is 0.89% higher at $1687 making fresh seven year highs as investors shift their attentiiion to safe haven assets. Silver price is 0.37% higher at $17.48.

Crude oil price tumble over 5% after OPEC ministers and Russia failed to reach an aggrement on additional production cuts. The WTI is 5.14% lower at $43.57. Brent crude oil is 4.85% lower at $49.98.

In forex markets, Euro is the outperformer as it is gaining 0.74% against the USD at 1.1322. The dollar index is under selling pressure giving up 0.67% at 95.95. AUSDUSD is 0.21% higher at 0.6628. The Japanese yen is attracting bids as a safe haven asset, and the USDJPY pair is 0.89% lower at 105.21.