The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
American futures tack on
On Tuesday, American futures managed to ascend because Canada and America are anticipated to resume negotiations over a trade deal.
The S&P 500 futures tacked on by 0.09% showing 2,901.25. Dow futures soared by 0.08% reaching 26,099.0. Additionally, the Nasdaq 100 futures jumped by 0.18% hitting 7,582.0.
On Monday, all three indexes concluded at record maximums, reacting to news that Mexico and America came to a compromise that would potentially replace the North American Free Trade Agreement. Eventually Canada has been excluded from the negotiations since July, although the three states are trying to close a deal by the end of August. American leaders Donald Trump warned that he could still slap duties on Canadian cars if they reject the new deal.
While second quarter profits have winded down, Best Buy Co Inc as well as Tiffany & Co are anticipated to report their revenues ahead of the starting bell.
In addition to this, Netflix happened to be among the top performers in premarket trade, soaring by 0.69%. Meanwhile, Intel rallied by 0.27%, Advanced Micro Devices Inc ascended by 1.11%.
Besides this, Tesla headed south by 0.08%, Coca-Cola dipped by 0.26%.
Market participants are waiting for economic news, in particular consumer confidence. Besides this, they are awaiting the goods trade balance for July.
In the European Union, equities were generally mixed. The DAX jumped by 0.19% in Germany, while the CAC 40 rallied by 0.26% in France. The FTSE 100 jumped by 0.36% in the United Kingdom. Meanwhile, the Euro Stoxx 50 declined by 0.01%. The IBEX 35 dipped by 0.43% in Spain.
As for commodities, gold futures managed to gain 0.35% concluding at $1,220.30 a troy ounce. Besides this, crude futures tacked on by 0.22% trading at $69.02 a barrel.
Tracking the greenback’s purchasing power versus its main rivals the US dollar index dipped by 0.13% trading at 94.55.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
WTI oil prices jumped up after Donald Trump’s 2 tweets
Today the US nonfarm payroll data will be reported that could cause fluctuations of the market.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.