US pre-open: Stocks on track for worst week since GFC

US futures were pointing to more losses ahead of the bell on Friday, putting both the Dow and S&P 500 on pace for their worst weekly performance since the Global Financial Crisis in 2008.

As of 1235 GMT, Dow futures were down 0.50%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.44% and 0.40% weaker, respectively.

The Dow closed 1,190.95 points lower, its biggest one-day decline in history as major indices dipped into correction territory as the Wuhan coronavirus continued to spread and some more big names warned on guidance.

The benchmark US 10-year Treasury yield was at a fresh record low ahead of the bell at 1.18%.

As far as the virus was concerned, New Zealand and Nigeria both reported their first cases overnight, while South Korea confirmed more than 500 new cases and China reported 327 more.

Norwegian Cruise lines sank 4.06%, while American Airlines flew 7.66% lower. Trade bellwether Caterpillar slid more than 3%, while the heavy selling took a 2.9% bite out of Apple.

Chatham Financial's associate director Andy Scott said: "Volatility has certainly returned to financial markets as virus worries continue to intensify, highlighting the dangers that lurk when volatility indicators fall to record lows.

"The volatility index or the fear gauge, as it is often referred to, was bumping along at its lowest levels for the past couple of years and even as recently as last month. This week it has reached its highest level in the past two years, highlighting that it is often when the market is least expecting something of global significance to happen, everyone will suddenly wake up and start to sell."

On the macro front, the US advance goods trade balance will be released at 1330 GMT, alongside personal income and spending figures, while February's Chicago Purchasing Manager's index and University of Michigan consumer sentiment numbers will follow at 1445 GMT and 1500 GMT, respectively.

In corporate news, Foot Locker will publish earnings on Friday.