US pre-open: Markets subdued as coronavirus remains firmly in focus

US futures were pointing to some modest gains ahead of the bell on Tuesday after the Dow Jones recorded its worst day in four months during the previous session.

As of 1230 GMT, Dow futures were up 0.33%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.42% and 0.62% higher, respectively.

The Dow closed 454.68 points lower on Monday as confirmed worldwide cases of the Wuhan coronavirus hit 2,862 and continued to rise.

Market participants have been somewhat concerned regarding the potential impact of the coronavirus on the global economy of late, with shares of travel companies and consumer goods firms with Chinese dealings taking some of the biggest hits on the Street.

Chinese authorities said on Tuesday that the outbreak has now killed 106 people and infected a further 4,515.

CMC Markets analyst David Madden said: "Stock markets are subdued this morning in the wake of the enormous losses that were registered yesterday.

"The fact there isn’t much bargain hunting or short covering going on this morning suggests that dealers are still fearful the health crisis is likely to get worse before it gets better."

Elsewhere, the UK revealed it will allow Chinese telco giant Huawei to play a limited role in the roll-out of its next-generation 5G mobile networks.

The move was seen as potentially putting pressure on relations between Britain and the US following a White House campaign aimed at having the Chinese firm blocked from as many markets as possible.

In corporate news, 3M, Pfizer, Xerox, Apple, Starbucks and eBay will all report on Tuesday.

On the macro front, durable goods figures will be published at 1330 GMT, while consumer confidence numbers and the latest Richmond and Dallas Fed surveys will both be released at 1500 GMT.