S&P 500 Premarket: Futures Rebound As Focus Shfts To FED and Earnings
S&P 500 set for a positive start as the markets try to assess the risks and damage from the coronavirus outbreak in China. The 6% of revenues for S&P 500 companies comes from China. Hotels, resorts and airlines will be under selling pressure for one more day. Investors will be relieved if China announces extra measures in the fight against the virus, and if get some positive headlines that the coronavirus spread has contained.
The S&P 500 futures are 0.65% higher at 3261. The Dow Jones futures are 0.52% higher at 28631, while the Nasdaq futures are 0.91% higher at 9,036. The S&P 500 futures are trading below the ascending trendline which started in October. If the index manages to return above the trendline a new leg higher might start with an attempt for fresh all-time highs.
European Stocks Rebound
European indices managed to turn positive midday. FTSE 100 is 0.49 higher at 7,448. Investors focus will be on the Bank Of England policy meeting on Thursday. The DAX Index is 0.30% higher at 13,244. The CAC 40 is 0.49% higher at 5,891 while the FTSE MIB is 1.41% higher at 23,745.
Cryptocurrencies rally looks healthy as Bitcoin price break above 200-day MA that might indicate the start of a bull market. Ripple price (XRPUSD) as of writing is 2.97% higher at 0.2372. Litecoin is 2.14% higher at 59.66. Ethereum (ETHUSD) is 1.15% higher at 171.57.
Risk Appetite Returns
Gold is under pressure as the risk appetite has returned to markets. Gold price is 0.52% lower at $1,573. Silver is also 1.52% lower at $17.79. Oil prices rebound ed after the heavy selling pressure the last trading sessions. Crude oil price is 0.55% higher at $53.43, while the Brent crude oil is 0.43% higher at $58.83.
In forex markets, the Aussie dollar is 0.05% lower against the USD at 0.6757. USDJPY is 0.13% higher at 109.02. NZDUSD is under pressure, it gives up 0.16% at 0.6532. EURUSD briefly broke below the 1.10 mark but as of writing managed to rebound at 1.1006.