Premarket: S&P 500 & Nasdaq 100 Futures Extend Losses

Summary:
• Nasdaq 100 futures are 1.08% lower as the sell-off deepens amid the coronavirus outbreak ahead of the weekend. Recession fears rising as

Nasdaq 100 futures are 1.08% lower as the sell-off deepens amid the coronavirus outbreak  ahead of the weekend. Recession fears rising as the virus spreads to over 50 countries around the globe. The FDA warned that coronavirus (Covid-19) is near of becoming a pandemic. Wall Street closed sharply lower yesterday, with the S&P 500 registering its largest percentage point drop in since the global financial crisis and on course for its worst week since 2008. The three major U.S. indices have entered the correction territory.

The United States Personal Income came in at 0.6% topping expectations of 0.3% in January while the Personal Spending registered at 0.2% below the expectations of 0.3%. The Goods Trade Balance increased to $-65.5B in January from previous $-68.33B.

European Indices Slump

European indices sell-off intensidies with losses over 3% for one more day as more coronavirus cases reported around the continent. The DAX Index is 3.90% lower at 11,873. The CAC 40 is 3.55% lower at 5,299 while the FTSE 100 is 3.63% lower at 6,547. In Milan the FTSE Mib index is 3.58% lower at 21964.

Cryptocurrencies Hit Monthly Lows

Cryptocurrencies dropped after the midday despite the positive opening. The bitcoin (BTCUSD) is 2.05% lower at $8635. Litecoin (LTCUSD) is 4.39% lower at 58.99. Ripple (XRPUD) is 1.84% lower at 0.2339 while Ethereum is 2.19% lower at 222.25.

Crude Oil At 13-Month Lows

Crude oil price is 3.50% lower at $45.45 amid the coronavirus spread in 50 countries around the globe. Brent crude oil is 2.45% lower at $50.11. Gold retreats today investors are taking some profits of the table. Gold is 1.08% lower at 1626. Silver price is 3.65% lower at $17.11.