US Stock Futures Extend Declines, Dollar Rallies

US Stock Futures Extend Declines, Dollar Rallies


Major US stock index futures kicked off the week on a gap lower as the Coronavirus outbreak intensified and continued to suspend the economic activity. Stock benchmarks hit their first circuit breaker at 5%, minutes after the open, but managed to bounce off the limit down and recover slightly to the European trading session. The Dow Jones Industrial Average futures recovered to 18509 from 18046, the S&P500 futures rallied to 2229 from 2171, and Nasdaq futures rose to 6839 from 6621.


The dollar index, which measures the greenback against a basket of major currencies, inched higher during the Asian session to 102.98, recovering Friday's losses. Market participants are looking forward to the fiscal measures to be taken to ease the impact of the Coronavirus on US citizens. Treasury yields extended declines where the US 10-year yields tumbled to 0.774%, and the US 30-year yields dropped to 1.359%.


Precious metals pared gains earned on Friday as stocks plunged, and the dollar recovered. Market participants were liquidating their gold positions to cover for their stock losses. The price of a gold ounce dipped to $1485, the price of a silver ounce declined to $12.36, and palladium futures dropped to $1483.


Oil prices tumble as the coronavirus outbreak continued to lock down cities and halt the economic activity around the world. On the other hand, market participants are worried about the emerging price war between top oil producers as we approach the end of the OPEC+ output reduction deal. The West Texas Intermediate crude futures plunged to $20.79, and Brent futures descended to $25.39.

Major Economic Events

GMT Country Event Expectation Previous



 German Buba Monthly Report





Wholesale Sales (MoM) (Jan)





Consumer Confidence




The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM.COM. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

CFDs and Spot FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Your profit and loss will vary according to the extent of the fluctuations in the price of the underlying markets on which the trade is based. Read More
Read More
Mail Call Chat