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It will be tough for any comeback rally to hold Tuesday without the help of the chipmakers, which have been among the hardest hit on the slowing global growth concerns stemming from the coronavirus outbreak. Micron shares were down 1% after Bank of America downgraded the stock to underperform and also cut its view on the whole memory chip industry because of the coronavirus effect on supply chains in China and South Korea. Bank of America thinks Micron will need to cut guidance in March. Elsewhere, Nvidia shares were downgraded to “reduce” by Instinet, also citing the coronavirus risks to the global semiconductor industry. Nvidia is slightly higher in premarket. – Melloy
In a series of tweets CNBC’s Jim Cramer noted that despite implied gains at the open, investors shouldn’t buy into this rally or make decisions based on futures. He said that the market is “not that oversold” and pointed to a number of unknows, including the coronavirus spreading from Milan to the United States, delays in a potential vaccine, as well as companies preannouncing EPS weakness. – Stevens
Stock futures implied a positive open for the major averages, with the Dow Jones Industrial Average indicating a gain of 113 points at the open. This hardly makes up for Monday’s losses, however, which saw $1.7 trillion wiped from the global market with the Dow sliding 3.56%, or 1,031 points, and the S&P and NASDAQ shedding 3.35% and 3.71%, respectively. -Stevens
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