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Nasdaq 100 Premarket: Futures Sink As Coronavirus Spreads

nasdaq 100
nasdaq 100

Nasdaq 100 set for a negative start as the number of infections from the coronavirus outbreak continued to rise. So far the coronavirus killed 170 people and infected more than 7,700 in China, according to the National Health Commission.

The Nasdaq futures are 0.72% lower at 9,033. The S&P 500 futures are 0.82% lower at 3246 while the Dow Jones futures are 0.72% lower at 28504.

On the economic data the US Q4 GDP came in at +2.1% topping expectations of  +2.0%. The United States Gross Domestic Product Price Index came in at 1.5% below the expectations of 1.8% in the fourth quarter. The Initial Jobless Claims came in at 216K beating forecasts of 215K in January 24th.

Amazon (AMZN) will release its earnings report after the close Thursday.

European Stocks Remain Weak

European indices are under heavy selling pressure midday. FTSE 100 is 1.47 lower at 7,373 after the Bank of England kept interest rates unchanged at 0.75%. The DAX Index is 1.23% lower at 13,181. The CAC 40 is 1.56% lower at 5,862 while the FTSE MIB is 1.48% lower at 23,808.

Carnival stocks dropped amid headlines of two potential coronavirus cases onboard a Costa Crociere ship in the Italian port of Civitavecchia.

Read our Best Trading Ideas for 2020.

Cryptocurrencies Higher Litecoin Outperforms

Cryptocurrencies positive momentum is intact as Litecoin outperforms adding 7.33% higher at 63.99. Bitcoin is 0.97% higher at 9379. Ripple price (XRPUSD) is 1.16% higher at 0.2377. Ethereum is 1.46% higher at 175.98.

Risk Appetite Returns Silver on Demand

Gold is gaining momentum as risk returns to markets. Gold price is 0.10% higher at $1,579. Silver jumps 1.62% at $17.82. Crude oil prices tumble 1.69% at $52, while the Brent crude oil is 2.04% lower at $57.71.

In forex markets, the British Pound attracts attention after the BOE decision. The GBPUSD is 0.67% higher at 1.3104. EURGBP hits the daily low after the BOE. AUDUSD is 0.47% lower at 0.6721. USDJPY is 0.14% lower at 108.86. NZDUSD gives up 0.43% at 0.6499. EURUSD trades slightly higher after yesterday tested successfully the 1.10 mark.