Reuters / Brendan McDermid
Here's what you need to know before the markets open.
1. 'The worst is yet to come': Global stocks plummet as fears mount of a coronavirus pandemic. "Markets have finally woken up to the threats being presented by COVID-19," Michael Every, a senior Asia-Pacific strategist at RaboResearch, said in a morning note.
2. 5 things to know about Disney CEO Bob Chapek, Bob Iger's surprise successor. The veteran executive, who took family vacations to Walt Disney World as a child, spearheaded key changes in Disney's consumer products and parks divisions.
3. The rest of the world is 'simply not ready' for the coronavirus, according to a WHO envoy who just returned from China. "Folks, this is a rapidly escalating epidemic in different places that we've got to tackle superfast to prevent a pandemic," Dr Bruce Aylward said.
4. Hong Kong unveils $15 billion in relief against coronavirus, protests. Financial Secretary Paul Chan said the measures would include handouts of HK$10,000 ($1,283) for residents older than 18.
5. Donald Trump and Narendra Modi hope talks lead to phase one of US-India trade deal. The two world leaders have agreed to "promptly" conclude ongoing trade talks in pursuit of an initial agreement.
6. PG&E plans to raise up to $25.7 billion by selling securities. The power producer is restructuring amid bankruptcy proceedings, and trying to bounce back after its equipment in California was blamed for the deadly wildfires.
7. Starbucks will launch a Beyond Meat plant-based breakfast sandwich in Canada. The world's biggest coffee chain is set to offer an imitation meat product for the first time.
8. Stocks have dropped. European equities dropped with Germany's DAX down 1%, Britain's FTSE 100 down 0.7%, and the Euro Stoxx 50 down 0.9%. Asian indexes closed in the red with China's Shanghai Composite down 0.8%, Hong Kong's Hang Seng down 0.7%, and Japan's Nikkei down 0.8%. US stocks are set to open lower. Futures underlying the Dow Jones Industrial Average, S&P 500, and Nasdaq slid between 0.1% to 0.3%.
9. Earnings season rolls on. Lowe's and Marriot are among the highlights.
10. Some interesting data is slated for release. Look out for mortgage applications and new home sales.