US pre-open: Stocks called to open higher despite ongoing fears around coronavirus

US futures were pointing to some modest gains ahead of the bell on Monday despite ongoing fears regarding the global spread of the Wuhan coronavirus.

As of 1225 GMT, Dow Jones futures were ahead 0.49%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.54% and 0.59% firmer, respectively.

The Dow closed a whopping 603.41 points lower on Friday as market participants continued to monitor and assess the potential economic impact of the fast-spreading virus.

China revealed on Sunday that the death toll had reached 361, surpassing that of the 2002-2003 SARS outbreak, while a first death from the virus was recorded out of the country in the Philippines.

Stocks in China plunged overnight on the first day back after Lunar New Year celebrations. Shanghai closed more than 7% lower, while shares in Shenzhen declined by more than 8%.

The People's Bank of China cut the funding rate by 10 basis points and injected cash into the system as part of an effort to decelerate the race to the bottom.

Swissquote analyst Ipek Ozkardeskaya said: "Futures hinted that the sentiment in Europe and the US could be less impacted by the hefty Chinese debasement. However, energy and mining stocks will certainly feel the pinch of cheaper oil and commodity prices."

On the corporate front, earnings were well and truly still in focus on Monday, with Sysco and Alphabet both set to report on Monday.

Shares of Gilead Sciences were 5% higher on the back of reports that Chinese health officials were to begin a clinical trial against the Wuhan virus using its Remdesivir anti-viral treatment.

Applied Materials stock was also wanted after Deutsche Bank moved from 'hold' to 'buy' on the chip equipment maker's shares.

In macro news, IHS Markit's final manufacturing PMI figures for January will be posted at 1345 GMT, while multiple ISM manufacturing readings for January will follow at 1500 GMT.