UAA - Wall St. Shakes off Virus Fears Futures Soar

U.S. stock index futures pointed to a higher open on Tuesday as Wall Street shrugged off concerns over the economic impact of the coronavirus outbreak.

Futures for the Dow Jones Industrials advanced 98 points, or 0.3%, early Tuesday to 29,015.

Futures for the S&P 500 gained 10.5 points, or 0.3%, at 3,363.50.

Futures for the NASDAQ Composite took on 43.5 points, on 0.5%, to 9,571.

China's National Health Commission on Monday night said the death toll had risen to 1,016 people with 42,638 confirmed cases. However, data from Johns Hopkins University showed the number of new confirmed cases was its lowest since late January, increasing optimism around the country's efforts to contain the outbreak.

Both the S&P 500 and NASDAQ Composite closed at fresh highs on Monday, while the Dow jumped more than 170 points. However, companies such as Under Armour have noted they will take a hit from the outbreak. Under Armour warned Tuesday the outbreak could lower sales by $50 million to $60 million.

Under Armour shares dropped more than 11% in the pre-market.

On the data front, January National Federation of Independent Business optimism figures were expected at 6 a.m. ET and JOLTS job openings for December are due out at 10 a.m. ET.

Overseas, in Hong Kong, the Hang Seng Index leaped 1.3%, while in Japan, markets were closed for holiday.

Oil prices jumped 86 cents to $50.43 U.S. a barrel.

Gold prices faded six dollars to $1,573.50 U.S. an ounce.