Premarket: S&P 500 and Nasdaq Futures Lower Ahead of US Jobs Report

Summary:
• S&P 500 futures are trading lower on Friday amid the extension of lockdowns, rising infections and deaths. The economic data start showing the coronavirus

S&P 500 futures are trading lower on Friday amid the extension of lockdowns, rising infections and deaths. The economic data start showing the coronavirus impact on economies around the globe. The jobless claims in the U.S. for the previous week came in at 6.64 million well above the expectations of 3.50 million. Adding the previous week data, we have almost 10 million new Americans claiming unemployment benefits. The global confirmed coronavirus cases passed 1 million on Friday. 

Investors await today the U.S. jobs report for March, but the report is already outdated, as we already know that 10 million Americans have filed for unemployment benefits the last two weeks.  

Nasdaq 100 futures are 0.89% lower at 7558, the Dow Jones futures are 0.98% lower at 21059, while the S&P 500 futures are 0.90% lower at 2493. 

European Stocks Extend Losses After Weak Services PMI’s

European indices trading lower by midday, the EMU Services PMI came in at 26.4 below the expectations of 28.4 in March. Global demand collapsed on the back of the spread of the coronavirus. The Composite PMI came in at 29.7, below the forecasts of 31.4. The DAX Index is 0.46% lower at 9,530, Germany Services PMI slumped to 31.7 a historic low, and below the expectations of 34.3 in March. The CAC 40 is 1.03% lower at 4,177. France Services PMI came in at 27.4, below the expectations of 29. FTSE 100 is 1.37% lower at 5,404, while the FTSE Mib index is 1.65% lower at 16,555 after the Italian services PMI came in at 17.4 below the expectations of 22. 

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Enthusiasm Returns to Cryptocurrencies

Cryptocurrencies trade higher, Bitcoin price builds on positive momentum and is 2.59% higher at $6980. Ethereum is 2.91% higher at 145.84, while Litecoin is 2.99% higher at 41.13. Ripple price bulls target $0.1850.  

Crude Oil Price Above $26

WTI crude oil price is 5.21% higher at $26.67 as there are some headlines that Russia and USA might start negotiations to stabilize oil prices. Brent crude oil is 10.32% higher at $32.59. Gold price seesaws around $1613. Silver price is 0.33% lower at $14.40. 

In the forex markets, GBPUSD gives up 100 pips after U.K. Services PMI slumps. AUDUSD is 0.94% lower at 0.5999. NZDUSD is 0.85% lower at 0.5862. Pound to Rand party continues as important level crossed. EURUSD is 0.61% lower at 1.0789.