US futures point to sharply lower open on Wall Street

Market focus is largely attuned to the spread of the coronavirus outbreak, with China’s National Health Commission confirming on Thursday that the death toll has hit 170, with confirmed cases of the virus surpassing 7,700.

U.S. stocks closed little changed on Wednesday even as the Federal Reserve kept interest rates steady in the 1.5% to 1.75% range and struck an optimistic tone on the health of the U.S. economy.

Investors will have an eye on U.S. fourth-quarter GDP (gross domestic product) figures set for release at 8:30 a.m. ET, along with PCE price index data and January jobless claims.

Corporate earnings remain in focus, with Facebook warning on Wednesday that growth could continue to slow as the business matured, and reporting a sharp rise in quarterly expenses associated with improving privacy.

Tesla enjoyed a second consecutive quarterly profit on record vehicle deliveries and vowed to produce over 500,000 units this year, sending the stock surging.

Microsoft beat Wall Street expectations on fourth-quarter sales and profit on the back of strong cloud revenue, while Boeing posted its first annual loss since 1997 as the grounded 737 MAX continued to weigh.

Altria, UPS, Verizon and Coca-Cola are among those reporting earnings before the bell on Thursday, while Amazon, Visa, EA, Levi Strauss and U.S. Steel are all due to report after the close of trading.