Stocks Set to Rebound After Sell-Off
Home Depot stock is pacing to open higher after earnings
Dow Jones Industrial Average (DJI) futures are trading above fair value this morning, as U.S. stocks prepare to gain back some of Monday's monster losses, which sent the blue-chip index spiraling more than 1,000 points. While coronavirus headlines continue to swirl, traders this morning are also monitoring earnings updates, namely from Dow component Home Depot (HD) and fellow retail stock Macy's (M). Against this backdrop, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are set for positive opens, as well.
Continue reading for more on today's market, including:
Schaeffer's Senior V.P. of Research Todd Salamone explains the headwinds hitting the tech space. Why this stock shot higher on coronavirus buzz. Plus, PANW stock nosedives; Lumber Liquidators makes big moves; and a Tesla stock note. 
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 1.38 million call contracts traded onMonday, compared to 962,711 put contracts. The single-session equity put/call ratio moved to 0.70, and the 21-day moving average was 0.56.Software name Palo Alto Networks Inc (NYSE:PANW) is getting hammered before the open, down more than 14%, following the company's quarterly results. PANW's full-year outlook was weaker than expected, and the shares could now fall close to 52-week-low territory as a result, while a number of bear notes have also come through. Another volatile name this morning is Lumber Liquidators Holdings Inc (NYSE:LL), which is set to add 21% at the open. The floor retailer posted a quarterly profit compared to a loss in the same period a year ago, and this should have the stock back in double-digit territory. The intraday price action will be closely monitored, considering all the recent online speculation around LL. This morning in Tesla Inc (NASDAQ:TSLA) watch, Jefferies just released a note downgrading the shares to "hold" from "buy" citing uncertainty around the company's batter business model. At the same time, the brokerage firm boosted its price target to $800 from $600. TSLA closed Monday at $833.79. Today will bring the Case-Shiller home price index, the FHFA home price index and the consumer confidence index. On the earnings docket will be Caesars Entertainment (CZR),Salesforce (CRM), Toll Brothers (TOL) and Virgin Galactic (SPCE).
European Stocks Move Lower Again
It was a mixed bag for Asian markets today. Japanese investors returned from yesterday's holiday to increased coronavirus panic on Tuesday, causing the Nikkei to shed a whopping 3.3%, while the Shanghai Composite in China lost 0.6%. South Korea's Kospi managed to recover some of yesterday's steep losses to finish up 1.2%, brushing off a drop in consumer confidence to six-month lows. The Hang Seng in Hong Kong, meanwhile, added 0.3%.
European stocks are spiraling at midday, amid news that the World Health Organization (WHO) sent a mission to support Italian authorities dealing with the spreading coronavirus outbreak in the country. The London FTSE 100 is down 0.5%, while the French CAC 40 and the German DAX have both shed 0.3% so far, the latter slipping on weak export data for the fourth quarter.