Here are five things you must know for Monday, Feb. 3:
1. -- Stock Futures Rise, Chinese Shares Tank
Stock futures were rising Monday, rebounding slightly from Friday's rout on Wall Street, but a sharp slump in Chinese stocks on their first day of trading since the coronavirus outbreak cast a defensive shadow over global markets.
The Shanghai Composite plunged 7.72% on Monday, the most in four years, and erased nearly $400 billion in value.
Limiting the losses somewhat was the biggest cash injection to the financial system since 2004 from China's central bank and government efforts to curb short-selling.
The death toll in China from the coronavirus has risen to 362, while the first death outside of China was reported in the Philippines. At least 17,000 other people - including 171 people from 24 countries outside China - have been infected.
Contracts linked to the Dow Jones Industrial Average were up 96 points, futures for the S&P 500 rose 13 points and Nasdaq futures rose 39 points.
Stocks finished sharply lower Friday as the U.S. declared the coronavirus outbreak a public health emergency and announced mandatory quarantines for people returning from Wuhan, the Chinese province where the deadly disease originated. The Dow sank 603.41 points, or 2.09%,to close Friday at 28,256.
2. -- Apple Temporarily Closes Its 42 Stores in China
Apple (AAPL) - Get Report temporarily has closed its 42 stores in mainland China, one of its largest markets, as the coronavirus has spread rapidly.
"Out of an abundance of caution and based on the latest advice from leading health experts, we're closing all our corporate offices, stores and contact centers in mainland China through February 9," Apple said in a statement. "We will continue to closely monitor the situation and we look forward to reopening our stores as soon as possible."
The iPhone maker said its online store in China will remain open.
Apple makes most of its iPhones and other devices in China. The country also is Apple's third-biggest market in terms of sales behind the United States and Europe.
Apple shares were down 0.85% in premarket trading at $306.87. The stock tumbled 4.43% on Friday.
3. -- Gilead Working With China to Test Coronavirus Treatment
Gilead Sciences (GILD) - Get Report was rising 4.56% to $66.08 in premarket trading Monday after the drugmaker said it was working with China to study the effectiveness of an experimental Ebola and SARS treatment on patients infected with the coronavirus.
"Gilead is working with health authorities in China to establish a randomized, controlled trial to determine whether remdesivir can safely and effectively be used to treat 2019-nCoV. We are also expediting appropriate laboratory testing of remdesivir against 2019-nCoV samples," Gilead said in a statement. "While there are no antiviral data for remdesivir that show activity against 2019-nCoV at this time, available data in other coronaviruses give us hope."
Remdesivir will be tested by a medical team from Beijing-based China-Japan Friendship
Hospital for efficacy in treating the deadly new strain of coronavirus, a hospital spokeswoman told Bloomberg. Trials for the drug will be conducted in Wuhan, the central Chinese city that is ground zero for the coronavirus outbreak.
GlaxoSmithKline (GSK) - Get Report, meanwhile, said Monday it was collaborating with the Coalition for Epidemic Preparedness Innovations "aimed at helping the global effort to develop a vaccine for the 2019-nCoV virus."
The British drugmaker said it would make its established pandemic vaccine adjuvant platform technology available to help a vaccine against the virus.
4. -- Alphabet Earnings and Manufacturing Data on Monday's Calendar
Earnings reports are expected Monday from Alphabet (GOOGL) - Get Report, Hexcel (HXL) - Get Report, NXP Semiconductors (NXPI) - Get Report, Sysco (SYY) - Get Report, Check Point Software (CHKP) - Get Report and ON Semiconductor (ON) - Get Report.
The economic calendar in the U.S. Monday includes Markit Manufacturing PMI for January at 9:45 a.m. ET, the ISM Manufacturing Index for January at 10 a.m. and Construction Spending for December at 10 a.m.
5. -- Kansas City Chiefs Win Super Bowl LIV
Quarterback Patrick Mahomes led the Kansas City Chiefs to their first Super Bowl title in 50 years, beating the San Francisco 49ers 31-20 on Sunday.
Mahomes guided Kansas City to three touchdowns in the final 6:13, and was named the game's MVP.
Chiefs coach Andy Reid got his first Super Bowl championship after 21 seasons as a head coach.