What's moving the market right now: Dow futures up 100
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.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.
shares were downgraded to "reduce" by Instinet, also citing the coronavirus risks to the global semiconductor industry. Nvidia is slightly higher in premarket.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 unknows, including the coronavirus spreading from Milan to the United States, delays in a potential vaccine, as well as companies preannouncing EPS weakness.
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