Stock futures slip
U.S. stock futures slipped sharply early Thursday, as the deadly coronavirus outbreak continued to spook investors. At around 4:20 a.m. EST, the blue-chip Dow futures declined 136 points, or about 0.47% to 28,574.
The S&P 500 futures dropped 17.12 points, or around 0.52% to 3,255.38 while the tech-heavy Nasdaq 100 futures were down 40.38 points, or roughly 0.44% to 9,058.12.
Chinese health officials said overnight that the coronavirus has now infected more people in mainland China than the severe acute respiratory syndrome (SARS) outbreak did in 2002 and 2003. The virus has killed a total of 170 people in China and infected 7,711 others worldwide.
World Health Organization (WHO) officials are expected to reconvene later today to decide whether the virus is now a global emergency. President Donald Trump said on Wednesday that he had spoken with his Chinese counterpart Xi Jinping and that the U.S. was working closely with China to contain the outbreak.
Fed leaves interest rates on hold
Meanwhile, the U.S. Federal Reserve kept interest rates unchanged in a range of 1.5% to 1.75% after concluding its first monetary policy meeting on Wednesday.
In a news conference after the Fed announced the decision, chairman Jerome Powell painted a picture of a solid U.S. economy driven by a confident consumer willing to spend, as well as strong job gains.
Powell, however, noted that the Fed was closely monitoring a number of risks, including the coronavirus outbreak in China and ongoing trade tensions.
Earnings on tap from Amazon, Coca Cola and Altria
Key earnings to watch ahead of the opening bell today include Coca-Cola (NYSE: KO), Altria (NYSE: MO), United Parcel Service (NYSE: UPS), Verizon (NYSE: VZ), AmerisourceBergen (NYSE: ABC), Northrop Grumman (NYSE: NOC), and Eli Lilly (NYSE: LLY).
Amazon (NASDAQ: AMZN), the biggest online retailer, might give insight on consumer spending when it announces fourth-quarter results after the closing bell today. Visa (NYSE: V), Electronic Arts (NASDAQ: EA), and Western Digital (NASDAQ: WDC) are also scheduled to report after the market close.
