We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

Premarket: S&P 500 – Nasdaq Futures At New Record Highs

s&p 500 Today

S&P 500 futures trading higher amid slowing coronavirus infection rate, and on optimism that central banks will step in to inject liquidity in markets if needed, has improved investors sentiment. WHO Director, Dr Tedros Adhanom Ghebreyesus said earlier that the coronavirus spread represents a “very grave threat” for the whole world. Yesterday Nasdaq and S&P 500 ended at fresh record highs.  Dow Jones closed up 175 points; the S&P 500 Index was up 24 points while the NASDAQ ended 108 points higher. Some of China’s factories reopened this week while other businesses extend the shutdown for one more week.

On the data front the United States NFIB Business Optimism Index came in at 104.3 topping the forecasts of 103.4 in January.

In our central bank calendar we have ECB president Lagarde, the Federal Reserve Chair Jerome Powell and BOE Governor Carney expected to testify later on the day.

S&P 500 futures are 0.24% higher at 3361 pointing to a positive start for the cash market. The Dow Jones futures are 0.26% higher at 29320 while the Nasdaq futures are 0.42% higher at 3361. Robust economic data from the USA support the recent strong stock rally.

Read our Best Trading Ideas for 2020.

European Stocks Higher

European stocks are trading higher with the FTSE 100 in London adding 0.89% at 7,513 after stronger than expected UK GDP data. The DAX Index is 0.79% higher at 13,600 having hit earlier the daily high just two points from the all-time highs. The CAC 40 is 0.47% higher at 6,044 while the FTSE MIB is 0.55% higher at 24,641.

Cryptocurrencies in Corrective Mood

Cryptocurrencies continue the correction for the second consecutive trading session. Bitcoin price is 0.5% lower at 9796. Ethereum (ETHUSD) is 0.48% lower at 221.74. Litecoin managed to turn positive after a weak start and is now 0.47% higher at 74.33 while Ripple (XRPUSD) is 0.49% lower at 0.2716.

Crude Oil Price Rebounds

Crude oil price rebound today as risk appetite returns to markets. WTI crude oil is 1.80% higher at $50.48, while the Brent crude oil is 1.68% higher at $54.29. On the other hand safe-haven assets are under pressure. Gold price is 0.17% lower at $1569.27 while Silver is 0.21% lower at $17.70.