Major US stock-index futures hovered near a six-week top supported by optimism over the virus outlook. The New York governor stated that the state is past the high point of new cases, and the hospitalization rate fell for the 6th consecutive day. On the other hand, market participants are looking forward to the second round of loans for small businesses. However, the falling oil prices continued to weigh on the oil and gas sector and capped any positive movement. The Dow Jones Industrial Average futures traded around 24000, the S&P500 futures held steady above 2850, while Nasdaq futures eased slightly to 8779.
The dollar index, which measures the greenback against a basket of major currencies, traded in a tight range between a low of 99.60 and a high of 100 for the third consecutive day, awaiting fresh fundamental drivers. The soft economic indicators reading continued to show the impact of the Covid19 on top economic around the world. However, investors are following closely the developments of Covid19 awaiting the reopening of the economy in Europe and the United States to jump into their next trade.
Gold prices extended losses on upbeat risk sentiment. The optimism over the virus outlook in Europe and the United States supported the flow into riskier assets. The price of a gold ounce dropped to a one-week low of $1671, the price of a silver ounce fell to $15.05, and palladium futures continued to trade in a tight range near $2150.
Oil prices declined further as the coronavirus pandemic continued to suspend the economic activity and weighing on oil demand levels. OPEC and its allies are moving forward to cut output starting early May, but investors still believe that they should do more. The West Texas Intermediate crude May contract tumbled to $14.64, the lowest since early 1999, the June contract fell to $22.71, and Brent oil June contract declined to $26.91.
Major Economic Events
|10:00||EZ||Trade Balance (Feb)||19.2||17.3|
|Tentative||EZ||German Buba Monthly Report||-||-|
|12:30||CA||Wholesale Sales (MoM) (Feb)||-0.5%||1.8%|
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