Stock market live updates: Futures flat, coronavirus fears linger, FedEx pops

Chinese men wear protective masks as they walk in a nearly empty shopping street on February 2, 2020 in Beijing, China.

Kevin Frayer | Getty Images

This is a live blog. Check back for updates.

8:32 am: Canaccord Genuity hikes S&P 500 target for 2020

Canaccord Genuity on Monday announced it upgraded its 2020 outlook for U.S. equities, telling clients it sees the S&P 500 at 3,440 by December. Strategist Tony Dwyer cautioned, however, that he’s neutral on the stock market until S&P 500 earnings show more robust signs of growth and the threat of the coronavirus has passed despite positive fiscal and monetary policy backdrops. His new target implies just 3.4% upside between Friday’s close and the end of 2020. —Franck

8:24 am: FedEx shares pop on UBS upgrade

Shares of shipping company FedEx rose nearly 2% in premarket trading on Monday following an upgrade to buy from neutral from UBS. The firm said the risk/reward for the company appears “skewed to the upside.” With shares down 12% in the past 12 months, now is a good time to buy, according to UBS. The analyst also hiked his price target to $187 per share from $161 per share. —Fitzgerald

8:22 am: Stock futures head for flat open after Friday’s big drop

U.S. stock futures are pointing to a relatively flat open as investors continue to assess how the coronavirus outbreak will impact China’s economy, which is the second-largest in the world. Dow Jones Industrial Average futures indicated a loss of just 22 points. S&P 500 and Nasdaq 100 futures hovered along the flatline. The death toll from the coronavirus has broken above 900, surpassing that of the SARS outbreak in the early 2000s. The major averages are coming off steep losses from Friday’s session, with the Dow dropping more than 200 points. —Imbert

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