Premarket: S&P 500 – Nasdaq 100 Futures Rebound As Coronavirus New Cases Drop

Summary:
• S&P 500 futures rising in early U.S. trading as the slowdown in existing and new coronavirus cases improve investors sentiment. The total number

S&P 500 futures rising in early U.S. trading as the slowdown in existing and new coronavirus cases improve investors sentiment. The total number of confirmed virus cases globally is at 73,335 while the new cases increase by 1,901, versus 2,162 yesterday.

Yesterday Wall Street managed to rebound and recover a substantial portion of the morning losses, after Apple warned on revenues for the quarter blaming weak demand from China and disruptions in the supply channels. Walmart earnings came short of expectations amid weakness in the holiday season.  Liquidity still drives the market and shrugs off the negative news.

The Dow Jones Industrial futures are 0.29% higher at 29295. The Nasdaq futures are 0.40% higher at 9675 pointing to a positive start for the cash market.

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European Indices Rebound

European stocks rebound today mirroring the Asian equities. The DAX Index is 0.46% higher at 13,744. The CAC 40 is 0.60% higher at 6,093 while the FTSE MIB is 0.74% higher at 25,410. The FTSE 100 is 0.65% higher at 7,430 after better than expected CPI data. The United Kingdom CPI Index came in at 1.8% better than the expectations of 1.6% in January printing a six-month high.

Cryptocurrencies Retreat After Yesterday’s Rebound

Cryptocurrencies are in consolidation mode. The Bitcoin price is 0.58% lower at 10135 consolidating close to yesterday’s high. Ethereum (ETHUSD) price is 0.54% lower at 280.35. Litecoin is 0.78% lower at 76.55 while Ripple is 1.50% lower at 0.2954.

Crude Oil on Demand

Crude oil price gets some bids today as the coronavirus fears ease. The WTI crude oil is 1.40% higher at $52.99, while the Brent crude oil is 1.45% higher at $58.54. Gold price is higher for one more day as the precious metal breached above the $1600 mark. Gold price is 0.40% higher at $1608.05 while silver price is 1.05% higher at $18.33.

In forex markets, the Japanese yen drops against the US dollar as the risk appetite returns to markets. USDJPY is 0.55% higher at 110.48.  The AUDUSD is 0.08% higher at 0.6690 and NZDUSD is 0.18% higher at 0.6397. The euro hovers close to three-year lows at 1.0793 against the dollar after the disappointment from construction output.