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It was another crazy day in the market as stocks plunged, with the Dow and S&P 500 falling more than 3%. The Dow has shed 6.59% over the last two sessions, with the S&P 500 falling 6.28%. It is the worst 2-day drop for the indices since Feb. 2018 and Aug. 2015, respectively. The Nasdaq's 2-day drop stands at 6.38%, which is its worst since June 2016. Here's what's going on after the close:

8:00 pm: Trump is reportedly furious that the stock market is plunging on coronavirus fears

President Donald Trump is reportedly furious that stocks are plunging, believing that health officials' warnings have spooked investors, The Washington Post reported Tuesday night, citing two people familiar with the president's thinking. Stocks fell even as National Economic Council Director Larry Kudlow said the coronavirus-triggered selloff has created a buying opportunity for long-term investors. The president has reportedly cautioned aides against forecasting the impact of the virus over fears that stocks could fall further, The Washington Post said, and he reportedly will meet with aides on Wednesday to discuss the matter. - Stevens

7:54 pm: Trump is reportedly furious that the stock market is plunging on coronavirus fears

President Donald Trump is reportedly furious that stocks are plunging, believing that health officials' warnings have spooked investors, The Washington Post reported Tuesday night, citing two people familiar with the president's thinking. Stocks fell even as National Economic Council Director Larry Kudlow said the coronavirus-triggered selloff has created a buying opportunity for long-term investors. The president has reportedly cautioned aides against forecasting the impact of the virus over fears that stocks could fall further, The Washington Post said, and he reportedly will meet with aides on Wednesday to discuss the matter. - Stevens

7:33 pm: Japanese stocks sliding in early trading

Japan's Nikkei 225 Index was down 0.85% in its Wednesday session. The index fell 3.34% on Tuesday after being closed for a holiday on Monday. — Pound, Francolla

7:09 pm: 64% of the S&P 500 in correction levels

With the monster two-day slide, now 64% of stocks in the S&P 500 are in correction levels, meaning they are at least 10% from their recent 52-week highs. Meanwhile, 25% of S&P 500 companies are at bear market levels, or 20% or more below their 52-week highs, including Gap, Under Armour, Carnival, Norwegian, American Airlines, Exxon, 3M, Pfizer, Molson Coors. - Francolla, Li

6:34 pm: Putting the S&P 500's 3% drop in context

CNBC ran the numbers and found that in the last 20 years the S&P 500 has dropped more than 3% in a single session just 71 times, including during Tuesday and Monday's trading session. - Stevens, Rattner

6:20 pm: 'MAGA' stocks melting down

The so-called MAGA stocks — Microsoft, Apple, Google parent Alphabet, and Amazon — have seen more than $400 billion wiped from their combined total value over the last 4 trading sessions as investors fear a coronavirus-induced global economic slowdown. Microsoft, the S&P 500's largest component, has been hit the hardest, with $124 billion in value erased. Apple's seen $140 billion wiped from its market cap, and Google and Amazon have each lost $89 billion. Tech names, which have led the market higher, have been hit hard recently as investors rotate into safety trades. This week all four stocks are down at least 5%. In the last week Microsoft and Apple have lost more than 10%, while Alphabet and Amazon have shed roughly 9%. - Stevens

6:13 pm: Chapek says he doesn't expect changes soon at Disney

New Disney CEO Bob Chapek told CNBC's Julia Boorstin that he didn't expect to make strategic changes to the company in the short-term. The former head of Disney's parks business did say that change may be needed further down the line. "Over time though, as we both recognize, disruption and transformation are just inevitable in this business," said Chapek, who is replacing Bob Iger as CEO. Shares of Disney are down about 1.7% in extended trading, up slightly from earlier lows. — Pound

6:06 pm: Fed President Kaplan says uncertain if the coronavrius warrants rate cuts

Federal Reserve Bank of Dallas President Robert Kaplan said it's too soon to make a call on interest rate change in light of the coronavirus outbreak. "I still think we are a number of weeks away from being able to make the judgment" whether a rate change is required, Kaplan said in an interview with The Wall Street Journal on Tuesday. "We are still in the heat of this and there's just a lot of uncertainty," he said. – Li

6:04 pm: Stock futures rise, implying gain of more than 100 points for the Dow at the open

Stock futures rose in overnight trading after stocks' worst two-day rout in more than four years amid heightened concern the coronavirus will upend global economic growth. Futures on the Dow Jones Industrial Average implied a 110-point gain at the open, while the S&P 500 futures also pointed to green at the open. - Stevens

5:25 pm: Bond yields drag stocks lower

The yield on the U.S. 10-year Treasury fell to 1.31%, its lowest level on record during Tuesday's trading session, as coronavirus fears raised concerns about the global economic environment. As investors rotated out of riskier assets like equities, bond yields – which fall as prices rise – moved lower, serving as a drag on the overall market. –Stevens

5:18 pm: More than $1.7 trillion in value wiped from S&P 500 in two-day coronavirus sell-off

The S&P 500 lost $1.737 trillion during its two-day market plunge, according to S&P Dow Jones Indices. Investors fled riskier assets amid intense fears about a slowdown in global growth caused by the deadly coronavirus. The equity benchmark lost $810 billion in value on Tuesday, adding to its $927 billion loss on Monday, according to the firm's Senior index analyst Howard Silverblatt. It's down $2.138 trillion since last Wednesday's high, according to S&P Dow Jones. – Fitzgerald

4:53 pm: Virgin Galactic drops 8% after fourth-quarter results

Shares of Wall Street's favorite speculative stock fell more than 8% in after-hours trading, as Virgin Galactic reported a greater than expected fourth-quarter loss as the company gets ready to fly its first customers to space this year. While it brought in a paltry $529,000 in revenue, Virgin Galactic has seen increasing demand from potential customers and said it's received 7,957 "registrations of interest" since December 2018. — Sheetz

4:46 pm: The VIX closes at its highest level in 14 months

The Cboe Volatility Index, known as the market's "fear gauge," spiked more than 11% to close at 27.85, the highest close since Dec. 2018, according to FactSet. The VIX, a measure of the 30-day implied volatility of U.S. stocks, crossed 30 at its session high on Tuesday as coronavirus fears rattled the markets. The gauge jumped 63% in the past two days as the Dow tumbled more than 1,900 points. – Li

4:30 pm: SmileDirectClub tanks on earnings, weak guidance

Shares of SmileDirectClub cratered more than 20% in after hours trading following its disappointing fourth quarter results. The company, which sells teeth aligners directly to consumers, reported a loss of 25 cents per share. Revenue came in at $197 million, missing the analyst forecast of $200 million, according to Refinitiv. SmileDirectClub also issued weak full year revenue guidance that projected slowing growth. – Fitzgerald

4:22 pm: Salesforce Co-CEO steps down, shares slide

Salesforce announced that co-CEO Keith Block is stepping down, leaving Marc Benioff as the only chief executive for the company. Block, who had been co-CEO since 2018, will stay on as an advisor, according to a statement.

Shares were down 1.1% in extended trading following the announcement. The company beat Wall Street estimates for its fourth quarter results, which it also announced after the bell. Salesforce reported 66 cents in adjusted earnings per share and $4.85 billion in revenue, while analysts expected 56 cents in earnings per share and $4.75 billion in revenue, according to Refinitiv. — Pound

4:19 pm: Bob Iger to step down as Disney CEO, effective immediately

Shares of Disney slid more than 2% in after hours trading after the company said that CEO Bob Iger would step down, effective immediately, and assume the role of executive chairman. Bob Chapek, who most recently served as chairman of Disney parks, experiences and products, will assume the role of CEO, , Disney announced. - Stevens

4:01 pm: Dow drops 3%, bringing 2-day point loss to 1,910

Major averages slid on Tuesday, accelerating Monday's sharp losses. The Dow fell 879 points, or 3.15%, the S&P 500 dropped 3.03% and the Nasdaq fell 2.77%. The U.S. 10-year treasury yield fell to its lowest level on record as the growing number of coronavirus cases outside of China continued to roil the markets, and investors

3:53 pm: Fed's Clarida says it's too early to tell on coronavirus impact

Federal Reserve vice chair Richard Clarida said the central bank is monitoring the coronavirus as a threat to growth but it's too early to tell the extent of the harm. While he said he doesn't envision the Fed making policy changes, he added a caveat it would "respond accordingly" if the outlook changes. – Cox

3:41 pm: GAMCO chief Mario Gabelli says uncertainty creates opportunities, investors should be 'patient'

Billionaire investor and GAMCO chairman Mario Gabelli said that consumers are going to be "sensitive and concerned" by the growing number of coronavirus cases, which will hit the market, and he said that with all the algo and quantum trading it reminds him of 1987. "It's an area where everyone is going to try and get out the exit door, and it's going to be very narrow," he said on CNBC's "Closing Bell." He said that he believes a lot of stocks will be challenged, but also noted that there's still value to be found in stocks that are trading below their intrinsic value. "Uncertainty is the way the market should function, and that's what will create the opportunities, and I'm just saying be patient," he said. - Stevens

3:02 pm: Stocks bounce slightly off the lows heading into the final hour of trading

Stocks rose slightly off the lows of the day as the final hour of trading kicked off, with the Dow now down 675 points, or 2.4%. The S&P 500 is down 2.2%, while the Nasdaq is down 1.9%. - Stevens

2:55 pm: Kudlow says investors should 'very seriously' consider buying the dip

National Economic Council Director Larry Kudlow said the coronavirus-triggered selloff has created a buying opportunity for long-term investors. "The virus story is not going to last forever," Kudlow said on CNBC's "The Exchange" on Tuesday. "To me, if you are an investor out there and you have a long-term point of view I would suggest very seriously taking a look at the market, the stock market, that is a lot cheaper than it was a week or two ago." He also reassured investors that the U.S. has "contained" the coronavirus and it will likely not be an "economic tragedy." —Li

2:45 pm: Some key stats on Tuesday's decline

The Dow is down -2.8%, on pace for its 4th negative session in a row for the first time since its 5-day streak ending 1/27/2020, and 5th negative session in 6.

The Dow is down -3.8% MTD, on pace for its worst monthly performance since May 2019 when it fell -6.69%

Dow Impact: Boeing (BA) has the most negative impact on the Dow, accounting for 90 points against the index.

The S&P 500 is down -2.7%, on pace for its 4th negative session in a row for the first time since its 6-day streak ending 8/5/2019, and 5th negative session in 6.

SPY Impact: Apple (AAPL) has the most negative impact on the SPY, accounting for 0.35 points against the ETF.

The NASDAQ Composite is down -2.5%, on pace for its 4th negative session in a row for the first time since its 6-day streak ending 8/5/2019

DJ Transports is down -3.8%, on pace for its worst daily performance since 12/7/2018

Tech sector is in correction territory, 10.3% off its 52wk high hit on 2/19/2020 -Hayes

2:13 pm: Major averages fall below closely watched technical levels

As losses accelerated, the Dow fell below its 200-day moving average for the first time since Oct 3rd on an intraday basis. Meanwhile the S&P 500 traded below its 100-day moving average for the first time since October 10th. Technical analysts look at these numbers as so-called support for the market. The breakdown could lead to more selling. - Stevens, Francolla

2:06 pm: NYSE decliners outpace advancers about 8 to 1

Roughly eight stocks at the New York Stock Exchange are trading lower for every advancing stock, FactSet data showed. It was the second day in a row that declining stocks vastly outnumbered those rising. Earlier in the day there was positive market breadth. —Imbert

2:05 pm: Transports hit correction levels

The Dow Jones Transportation Average tumbled more than 3% to its session low, falling 10% from its recent 52-week high to hit correction levels. Transportation stocks are falling along with the broad market after officials warned of a wide spread of the coronavirus in the U.S. — Francolla, Li

2:03 pm: Dow drops more than 700 points

Losses accelerated in afternoon trading, with the Dow falling more than 700 points, for a loss of 2.6%. The S&P 500 also fell 2.5%, while the Nasdaq shed 2.2%. - Stevens

2:00 pm: Stocks fall even as Kudlow says US economy is fine and coronavirus is contained here

Top White House economic advisor Larry Kudlow told CNBC that the U.S. economy is "holding up nicely" and that the coronavirus in this country is "pretty close to air-tight" containment. "I don't expect the Fed — I'm not hearing the Fed's going to make any panic move" because of the virus, Kudlow added. - Melloy

1:55 pm: Bank stocks extending losses

Bank and consumer finance stocks have fallen significantly throughout the day. JPMorgan, Bank of America, Citigroup, Truist and Citizens Financial are all down more than 3%, while Morgan Stanley and Goldman Sachs are down more than 2%. Credit card stocks are being hit even more, with American Express falling 4.9% and Discover down 3.8%. — Pound

1:39 pm: Dow falls 600 points, dropping more than 2%

The Dow fell more than 600 points, for a loss of 2.15%. The S&P 500 was also down more than 2%. - Stevens

1:21 pm: FAANG rally fades

FAANG stocks are all showing losses following a slight rebound in the morning. Netflix was the biggest loser of the bunch, down 1.51%. Apple, Amazon and Google parent Alphabet were down between 0.05% and 0.94%. These technology stocks have been among the biggest winners in the bull market. Week-to-date, they are down between 4.49% and 5.67%. - Lewis

1:18 pm: Stocks falling to new lows

1:01 pm: Dow plummets more than 520 points

Stocks accelerated losses with the Dow falling more than 520 points. The Dow and S&P 500 are down roughly 1.8%, with the Nasdaq about 1.6% lower. - Stevens

12:49 pm: Dow at session lows

The Dow Jones Industrial Average is at session lows, dropping about 450 points in midday trading. Tuesday's plunge brings the 30-stock average's two-day point drop total to nearly 1,500 points. — Fitzgerald

12:47 pm: US health officials say 'prepare for the expectation that this is going to be bad'

Health officials said Tuesday the COVID-19 coronavirus is "likely" to continue to spread throughout the United States and the American public should "prepare for the expectation that this is going to be bad." "Ultimately we expect we will see community spread in the United States," Dr. Nancy Messonnier, director of the CDC's National Center for Immunization and Respiratory Diseases, told reporters on a conference call. The CDC outlined what schools and businesses will likely need to do if virus becomes an epidemic in the U.S. Schools should consider dividing students into smaller groups or close and use "internet-based tele-schooling," Messonnier said. "For adults, businesses can replace in-person meetings with video or telephone conferences and increase teleworking options." —Lovelace

12:33 pm: Facebook, Apple trading in correction territory just after midday

Facebook and Apple shares both traded down more than 10% from recent highs at their lows on Tuesday as the market's sell-off whacked much-loved technology and communication stocks. Apple has been falling given its exposure to Chinese markets and supply chains, which the company cited earlier this year in announcing that it will fall short of prior first-quarter guidance.— Franck

12:00 pm: Stocks still sharply lower, but bounce from worst levels of the session

The major averages traded off their session lows around noon eastern time. The Dow was down 275 points, or 0.98%, the S&P 500 shed 0.97% and the NASDAQ fell 0.7%. The U.S. 10-year Treasury yield is trading at a record low as coronavirus-related fears ripple through the market. - Stevens

11:57 am: Five Dow stocks higher

11:51 am: Glenmede: Buy this drop only 'if markets start to lose their minds'

Investors should avoid making bets on short-term market actions like the aggressive selloffs Wall Street has seen the past few days, said Michael Reynolds, investment strategy officer at Glenmede Trust. "We're educating investors not to trade actively around news of this type. We have to recognize what we know, what we don't know, what our strengths are and what our weaknesses are," he said. "If we see market action like total capitulation and investors start to dump risk assets inconsistent with the economic effects that we should see, if markets start to lose their minds, it could present some buying opportunities." – Cox

11:42 am: Market is not yet oversold, AlphaOne's Niles says

AlphaOne Capital's Dan Niles said on CNBC's "Squawk Alley" that his firm is sitting on more than 10% cash and doesn't think it's the right time to buy despite the sell-off. Niles said AlphaOne's cash position would likely increase.

"Until it gets to be a point where we feel that people are truly appreciating the risk, we have no desire to step in. Nothing was oversold yesterday," Niles said. — Pound

11:35 am: Energy sector sinks to more than 4-year low

Energy ETF (XLE) dropped to its lowest level since Jan. 21, 2016 as the market's losses accelerated. The ETF is down roughly 6.9% this week, putting it on track for its worst week since Dec. 2018. Nearly 29% of the fund's components are down more than 10% this week, including Devon Energy, Cimarex Energy, Noble Energy and Diamondback Energy. – Francolla, Stevens

11:27 am: Sell-off total tally reaches 6%

The S&P 500 and the Dow Jones Industrial average are both down more than 6% from their record highs hit earlier in the month. The Nasdaq Composite Index is 7% from its record as it gets hit the hardest with investors selling the names that were up the most during the bull market. - Melloy

11:23 am: Dow drops 400 points

The Dow dropped 400 points as the bond market flashes warning signs, and as investors are increasingly turning cautious as the number of coronavirus cases rises. - Stevens

11:14 am: Small caps fall below 100-day moving average for first time since October

The Russell 2,000 fell below its 100-day moving average for the first time since Oct. 18th, as small caps slid. The index fell 1.7% and was on pace for its third straight session of a more than 1% loss. The index is also tracking for its worst week since December 2018. – Francolla, Stevens

11:05 am: US 10-year Treasury yield hits record low of 1.32% as investors stress over virus contagion

The yield on the U.S. 10-year Treasury note, a benchmark for financial instruments such as mortgage rates and auto loans, fell to an all-time low on Tuesday as investors grew increasingly convinced that the coronavirus could have an impact on global growth. The 10-year rate fell to 1.32%, breaking below its prior record low of 1.325% set in the aftermath of the 2016 Brexit vote. Bond yields fall as prices rise. "Lower longer term yields tends to signal lower growth expectations," Jim Caron, managing director of Global Fixed Income at Morgan Stanley Investment Management, told CNBC. "This makes sense given the risk of COVID-related economic slowing, especially in the service sector (a large part of US GDP)." — Franck

11:04 am: Buying any bounce after market plunge is a 'sucker's game,' Jim Cramer says

Jim Cramer cautioned investors against rushing back into the market as concerns persist about the coronavirus. "No reason to buy anything if it's up because that's just a sucker's game," Cramer said on "Squawk on the Street." Cramer pointed to Microsoft as a stock investors should ordinarily look to, but maybe not Tuesday even as the tech giant fared better than the broader market. "If you want to buy a stock, if you want to get started, go ahead. I would do some Microsoft," he said. "Not if it's up though." - Stankiewicz

11:00 am: Stocks taking their cues from bond yields

The 10-year Treasury yield fell to a record low of 1.32%, below its previous record low of 1.325% set on July 6, 2016 in the aftermath of Brexit. The breakdown in bond yields is weighing on stocks with the major averages hitting session lows around the same time. Major bank stocks, whose margins could suffer under lower rates, are leading the way lower. -Melloy

10:54 am: Dow sinks more than 300 points, all averages down 1%

All major averages fell more than 1%, with the Dow falling more than 300 points. - Stevens

10:52 am: Pandemic could cause U.S. recession, Moody's economist says

Mark Zandi, chief economist at Moody's Analytics, said a serious outbreak of the coronavirus in Europe and the United States would likely trigger a global recession. Zandi said Monday's sharp decline in U.S. equities was due to the market adjusting for a higher chance of a pandemic after confirmed cases of the virus increased in Korea, Iran and Italy over the weekend. "If it is a pandemic, if it does show up in Europe and the United States, then that is the prescription for a global and U.S. recession," Zandi said. — Pound

10:36 am: The bond market tunes into 'what scares people'

At least part of the trend in bonds is due to a growth scare brought on by the coronavirus and its threat to global supply chains, said Kathy Jones, chief fixed income strategist at Charles Schwab. "I do think you really have to be concerned about if it persists and becomes more widespread," Jones said of the virus, citing recent news that Fiat Chrysler was closing its Serbia plant because it was having trouble getting parts from China. "That's kind of a scary scenario. I think the bond market is attuned to what scares people. That's what we're seeing." – Cox

10:35 am: Fundstrat strategist Tom Lee says history points to a rebound

Tom Lee of Fundstrat Global Advisors looked at three criteria to analyze this market environment: 3% sell-offs, occurring during non-recessions, with the U.S. PMI greater than 50. He found 94% of the time since 1948 stocks were higher the next 6 months with an average S&P 500 gain of 9.7%. - Melloy

10:33 am: Bond market still signaling trouble

The 10-year Treasury yield continues its slide from Monday and was last down 4 basis points to 1.33%. The yield is close to falling below its all-time low of 1.325%, which came in July 2016 in the aftermath of Brexit. A break of that level could hit bank stocks and weigh further on the stock market. - Melloy

10:30 am: Dow down triple digits

Losses started to accelerate, with the Dow falling more than 150 points at the low. The S&P 500 and Nasdaq are also lower. - Stevens

10:21 am: Dow turns negative

The Dow briefly turned negative before trading around the breakeven level. Earlier in the session the index had been up as much as 188 points. - Stevens

10:19 am: Virgin Galactic surges ahead of quarterly report

The space stock jumped about 6% in early trading as speculative trading continued to fuel Virgin Galactic's rally. The company is expected to report fourth-quarter results after the market closes, although Wall Street expects the company to report another net loss as well as minimal revenue. — Sheetz

10:17 am: Bank stocks sliding early

10:15 am: Consumer confidence nudges up, but misses Street estimate

Consumer confidence rose again in February, though not as much as economists had hoped. The Conference Board's Consumer Confidence Index registered a 130.7 reading for the month, above the 130.4 in January but below Dow Jones estimates of 132.6. Expectations for short-term growth improved, but those assessing business conditions as bad increased, while those saying conditions are good decreased. "Consumers' short-term expectations improved, and when coupled with solid employment growth, should be enough to continue to support spending and economic growth in the near term," Lynn Franco, senior director of economic indicators, said in a statement. - Cox

10:13 am: FAANG shares attempting to stage recovery

FAANG stocks rebounded slightly with the market on Tuesday, following Monday's market rout. Facebook was the biggest gainer among them, up more than 1%. Apple, Amazon, Netflix and Google parent Alphabet were up between 0.40% and 0.63%. These high-flying tech stocks have been among the biggest winners in the bull market, but have stumbled amid the coronavirus outbreak that is disrupting global markets. Week-to-date, they are still down between 2.48% and 3.59%. - Lewis

9:48 am: S&P 500 turns negative

The S&P 500 has turned negative as the selling returns to Wall Street following the worst drop for the benchmark in two years. The S&P 500 was up as much 0.65% at its highs. The Dow was up as much as 188 points on the day and is now up just 40 points. Notable losers include Mastercard and other banks as yields continue their slide. - Melloy

9:30 am: Stocks jump at the open, bouncing back from worst day in 2 years

The major averages rallied at Tuesday's open with the Dow rising 0.6%, or 150 points, while the S&P and NASDAQ rose 0.6% and 0.9%, respectively. The gains so far, however, barely dent Monday's losses, which saw the Dow shed 1,031 points as investors feared that a surge in coronavirus cases outside of China could lead to a global economic slowdown. Home Depot, Microsoft and Apple were the leading gainers in the Dow. - Stevens

9:25 am: First-quarter earnings estimates now negative

Data compiled by The Earnings Scout showed S&P 500 earnings estimates for the first quarter are now negative. Overall, analysts expect S&P 500 earnings to contract by 0.07%. Earlier this month, analysts expected growth of roughly 2.5%. The decline in earnings estimates comes as worries over how the coronavirus outbreak will impact corporate profits grow. "With 2020 EPS [estimates] dropping, future stock gains will require additional P/E multiple expansion," said Nick Raich, CEO of The Earnings Scout, in a note. - Imbert

8:53 am: Here are Tuesday's biggest analyst calls of the day

8:01 am: Global bond yields slide as coronavirus fears remain

The U.S. 10-year Treasury yield hit a low of 1.347%, its lowest level since July 8, 2016 as investors remained cautious amid lingering worries over the coronavirus. The benchmark rate also traded below its all-time closing low around 1.36%. The 2-year U.S. rate dipped to 1.235%, its lowest levels since May 18, 2017. Germany's benchmark yield fell to levels not seen since Oct. 10. - Imbert, Francolla

7:59 am: Futures point to triple digit gain at the open

U.S. stock index futures picked up steam, with the Dow Jones Industrial Average set to post a 164 point gain at the open. The S&P 500 and NASDAQ also indicated gains at the start of the session. On Monday the Dow sank more than 1,000 points, for its worst point and percentage drop since February 2018. The S&P 500 plunged 3.3%, also the worst drop in two years. With Monday's declines, the S&P 500 and the Dow both wiped out all of their 2020 gains. - Stevens

7:55 am: Market 'panic attack' may not be over, Ed Yardeni says

Futures may be pointing to a slight rebound, but strategist Ed Yardeni thinks the "panic attack" that led to the Dow falling more than 1,000 points Monday may not be over. "It has the potential to turn into one of the more severe corrections of the current bull market," he wrote in a note. "It could turn into a bear market if it causes a recession in the US." —Imbert

7:35 am: Home Depot jumps 2% after earnings beat estimates

Shares of Home Depot rose more than 2% in Tuesday's premarket trading after the company beat top and bottom line estimates in the fourth quarter. Earnings per share came in at $2.28, which was ahead of the $2.10 analysts had been expecting, according to estimates from Refinitiv. Revenue was $25.78 billion, which was slightly ahead of the $25.76 billion expected. Revenue did, however, fall 2.7% year-over-year. Same-store sales rose 5.2%, which also surpassed the expected 4.8% increase, and the company also hiked its dividend by 10%. - Stevens

7:26 am: Apple bouncing slightly

Shares of Apple, which has the most on the line in China among the largest U.S. stocks, were bouncing slightly, up 0.7% in premarket trading following a 4.75% slide on Monday. Many analysts are weighing in following the drop. UBS says that the 2020 demand picture is in flux now, but 2021 is more important for the stock anyway with new phones set to be launched this fall. "We believe there is still no reason to become materially more cautious on 2021 expectations," the UBS analyst wrote, maintaining a buy rating. Needham is slightly more cautious, though still maintains its buy rating. "The longer COVID-19 disruptions continue past June 1, the greater the threat to AAPL's Sept new product launches (including its 5G phone) and Christmas selling season revenue, which represented about 32% of annual revs in each of the past 3 years." - Melloy

7:25 am: BMO says investors shouldn't be pressing the 'panic button' just yet

The Dow and S&P 500 are now negative for the year after stocks' steep slide on Monday, but BMO Capital Markets said things might not be as bad as they seem. "While the coronavirus certainly warrants persistent monitoring in the coming months, we do not believe investors should be pressing the panic button just yet," chief investment strategist Brian Belski wrote in a note to clients. He argued that the market isn't showing the "tell-tale signs" that an earnings deterioration is imminent. He did note that specific areas are being notably affected, but that even these companies' longer-term fundamental outlooks "have largely remained intact." - Stevens

7:07 am: Mastercard shares lower amid coronavirus warning, executive change

Mastercard shares were down 2% in premarket trading after the credit card giant warned Monday evening that revenue growth could be 2 to 3 percentage points lower this quarter because of the coronavirus. The company also announced that it was naming its product chief Michael Miebach as CEO. - Melloy

7:03 am: El-Erian says 'this is different,' warns against buying the dip

Economist Mohamed El-Erian said on CNBC's "Squawk Box" that he's advising investors against buying the coronavirus-induced dip. "I stress, this is different," the Allianz chief economic advisor and ex-Pimco CEO said. He noted that while buying the dip is a well-known strategy on the Street, disruptions to corporate earnings and economic growth from "shock" events such as the coronavirus tend to impact stocks for longer than a fundamentals-driven downturn. – Belvedere, Stevens

6:57 am: Traders eyeing chipmakers Tuesday

It will be tough for any comeback rally to hold Tuesday without the help of the chipmakers, which have been among the hardest hit on the slowing global growth concerns stemming from the coronavirus outbreak. Micron shares were down 1% after Bank of America downgraded the stock to underperform and also cut its view on the whole memory chip industry because of the coronavirus effect on supply chains in China and South Korea. Bank of America thinks Micron will need to cut guidance in March. Elsewhere, Nvidia shares were downgraded to "reduce" by Instinet, also citing the coronavirus risks to the global semiconductor industry. Nvidia is slightly higher in premarket. - Melloy

6:55 am: 'Don't like to buy into a rally,' Cramer says, negatives out there 'can't be overlooked'

In a series of tweets CNBC's Jim Cramer noted that despite implied gains at the open, investors shouldn't buy into this rally or make decisions based on futures. He said that the market is "not that oversold" and pointed to a number of unknowns, including the coronavirus spreading from Milan to the United States, delays in a potential vaccine, as well as companies preannouncing EPS weakness. - Stevens Tweet Tweet Tweet

6:27 am: Futures point to muted gains at the open