Stock market news live: Stock futures tumble after Apple warns of coronavirus impact

U.S. stock futures pointed lower as traders returned from the Presidents’ Day holiday, after a growing number of companies warned about the impact of the deadly coronavirus to quarterly results.

7:39 a.m. ET: Stock futures tumble after Apple says it likely won’t hit sales guidance due to coronavirus

U.S. stock futures tumbled in early trading, following global equities lower after Apple (AAPL) became the latest company to warn about the coronavirus’s impact to its business for the current quarter.

The iPhone-maker on Monday said it would not be able to meet its previously issued revenue guidance of between $63 billion to $67 billion for the quarter ending in March. Apple cited a slower than anticipated ramp-up of its supply chain in China after extended factory closures, as well as weakened product demand among Chinese consumers due to the coronavirus.

Shares of Apple were lower by 3% in early trading. Apple’s suppliers in Asia including TDK Corp. (TTDYK) and Murata Manufacturing (MRAAY) each also declined ahead of the opening bell in the U.S.

As of Tuesday, the global number of reported cases of the coronavirus was 73,328, along with 1,873 deaths, according to the European Center for Disease Prevention and Control.

A growing number of firms have also cut growth forecasts for China and the surrounding region due to the coronavirus. Moody’s Investors Service on Tuesday lowered its growth forecast for China this year to 5.2% from 5.8%, primarily due to decreased import demand among Chinese businesses and consumers amid the outbreak.

Here were the main moves during the pre-market session, as of 7:39 a.m. ET:

  • S&P 500 futures (ES=F): 3,366.75, down 14.25 points or 0.42%

  • Dow futures (YM=F): 29,237.00, down 158 points or 0.54%

  • Nasdaq futures (NQ=F): 9,569.75, down 62.5 points or 0.65%

  • Crude oil (CL=F): $51.07 per barrel, down $0.98 or 1.88%

  • Gold (GC=F): $1,590.30 per ounce, up $3.90 or 0.25%

Traders work on the floor of the New York Stock Exchange April 24, 2014. U.S. stocks were flat in volatile trading on Thursday, with indexes cutting early gains on a resurgence of concerns related to Ukraine, though Apple jumped following its results. REUTERS/Brendan McDermid (UNITED STATES – Tags: BUSINESS)

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