Here are five things you must know for Monday, Jan. 27:
1. -- Stock Futures Plunge as Spread of Coronavirus Accelerates
Stock futures sank Monday and global markets fell sharply as investors weigh both the human and economic costs of the accelerating spread of the deadly coronavirus, which has killed 80 people and expanded to at least 10 different countries.
Five cases of coronavirus have been confirmed in the United States.
China's National Health Commission has confirmed more than 2,700 cases of the deadly disease and cautioned that its incubation period could be as long as 14 days, creating a new challenge for authorities around the world attempting to screen visitors from China who might be carrying the virus.
Beijing said it will extend its Lunar New Year period until Feb 2, with schools and businesses in some cities expected to open a few days after that in an effort to contain the spread, while Hong Kong has banned inward travel for residents of Huebi Provence, where the outbreak began in the central industrial city of Wuhan.
The knock-on effect for both China's economy, as well as trade with is regional partners, has hit stocks hard and triggered a rally in safe-haven assets around the world heading into the busiest earnings week of the fourth-quarter earnings season.
Contracts linked to the Dow Jones Industrial Average plunged 464 points, futures for the S&P 500 dropped 54.25 points and Nasdaq futures sank 191.50 points.
2. -- Apple, Facebook, Microsoft and Amazon Report Earnings This Week
Earnings reports are expected Monday from D.R. Horton (DHI) - Get Report, Arconic (ARNC) - Get Report, Whirlpool (WHR) - Get Report, Juniper Networks (JNPR) - Get Report and F5 Networks (FFIV) - Get Report.
Later in the week will see reports from Apple (AAPL) - Get Report, Advanced Micro Devices (AMD) - Get Report, Pfizer (PFE) - Get Report, Facebook (FB) - Get Report, McDonald's (MCD) - Get Report, Microsoft (MSFT) - Get Report, Boeing (BA) - Get Report, Amazon.com (AMZN) - Get Report, Caterpillar (CAT) - Get Report, Exxon Mobil (XOM) - Get Report and Tesla (TSLA) - Get Report.
The economic calendar in the U.S. Monday includes New Home Sales for December at 10 a.m. ET. On Tuesday and Wednesday, the Federal Reserve will meet for the first time in 2020. The central bank is expected to leave interest rates unchanged.
3. -- State and Fed Attorneys Could Coordinate on Google Probe
State attorneys general will meet with lawyers from the Justice Department to share information on their respective probes of Alphabet's (GOOGL) - Get Report Google unit, The Wall Street Journal reported, citing people familiar with the matter.
The state and federal investigations have focused on Google's powerful position in online advertising. The company's dominant position in online search and possible anticompetitive behavior by the company in its Android mobile operating system also have drawn scrutiny, the people told the Journal.
The planned meeting likely will include discussions on those issues, and could lead to the state and federal groups joining forces. To date, according to the Journal, state and federal authorities haven't shared investigative materials about their concurrent probes of Google.
Google, Facebook, Apple and Amazon also have come under scrutiny by the U.S. government for possible anticompetitive practices.
4. -- Allergan to Sell Two Medications Under AbbVie Merger
Allergan (AGN) - Get Report has entered deals to sell two medications, Brazikumab and Zenpep, to help placate regulators as part of the company's $63 billion agreement to be acquired by AbbVie (ABBV) - Get Report.
Switzerland's Nestle agreed to buy Allergan’s Zenpep, a gastrointestinal medication with sales in 2018 of $237 million.
“These definitive agreements represent significant progress toward the completion of our acquisition of Allergan,” said Richard Gonzalez, AbbVie’s chairman and CEO, in a statement.
5. -- Kobe Bryant Dies in Helicopter Crash
Basketball legend Kobe Bryant died Sunday in a helicopter crash over Calabasas, California. He was 41 years old.
Bryant's daughter, Gianna, also was on board and died in the crash. Bryant and his daughter reportedly were on their way to a travel basketball game with another player and parent, according to Sports Illustrated.
A total of nine people died in the helicopter crash Sunday morning.
Bryant was an 18–time All-Star and 11-time All-NBA first-teamer who led the Los Angeles Lakers to five NBA championships. He retired from the Lakers after the 2015-2016 season.
The National Basketball Players Association issued the following statement:
"We are stunned and devastated by the news of the sudden passing of Kobe Bryant. Words cannot express his impact on our Players, the NBA and the game of basketball. This is a monumental loss for the entire community and our hearts are quite simply broken. We send love and prayers out to his wife Vanessa and the entire family."
Bryant also founded Bryant Stibel with entrepreneur Jeff Stibel in 2013. Bryant Stibel is a venture capital firm focused on businesses including media, data, gaming and technology.