US futures open higher despite coronavirus fears

U.S. stock index futures pointed to a higher open on Monday as Wall Street looks set to shrug off fears over the spread of the novel coronavirus.

At around 2:20 a.m. ET, Dow futures were up by 132 points and implied a positive open of more than 127 points, while futures on the S&P 500 and Nasdaq were also higher.

The death toll in China from the coronavirus reached 361 on Sunday, surpassing that of the SARS virus which lasted from 2002 to 2003, while a first death outside of China was reported in the Philippines.

U.S. investors are seemingly looking to buy the dip after the S&P 500 and Nasdaq recorded their worst start to a trading year since 2016, with global markets reeling from concerns over the economic fallout from the outbreak. The Dow plunged 600 points on Friday to post its worst day since August.

Corporate earnings season remains on the agenda, with Sysco among those reporting before the bell on Monday, while Google parent Alphabet is set to report after the close of trade.

On the data front, the final Markit Manufacturing PMI (Purchasing Managers’ Index) reading for January is due at 9:45 a.m. ET, before a range of January ISM manufacturing figures at 10:00 a.m. ET.