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Here's what you need to know before the markets open. 1. Stocks tumble as coronavirus fears overpower stimulus efforts. "Investors have stopped backing riskier assets once again as they lose their optimistic side regarding the coordinated action of central banks around the globe." 2. PetroChina declares force majeure on imports. China's top gas importer notified several suppliers that it wouldn't be able to fulfill its contracts following the coronavirus outbreak, four sources told Reuters. 3. Apple pulls out of South by Southwest festival amid coronavirus outbreak. The iPhone maker joined Facebook in withdrawing from the annual music and technology event. 4. Tesla quietly downgraded the chips for some Model 3 vehicles and owners are furious. The electric-car maker apologized for the confusion and blamed supply-chain problems caused by coronavirus. 5. Hugo Boss predicts coronavirus will hit sales, particularly in Asia. The German fashion house expects currency-adjusted sales to grow between 0% and 2% this year. 6. HP rejects Xerox's raised takeover offer. The US printer maker increased its offer last month by $2 to $24 per share, after the PC maker rejected its previous buyout offers. 7. British regional airline Flybe enters administration. The already struggling carrier failed to withstand the plunge in travel demand caused by the coronavirus outbreak. 8. European stocks and US futures are down. In Europe, Germany's DAX fell 1.6%, Britain's FTSE 100 fell 1.7%, and the Euro Stoxx 50 fell 1.7%. In Asia, China's Shanghai Composite rose 2%, Hong Kong's Hang Seng rose 2.1%, and Japan's Nikkei rose 1.1%. In the US, futures underlying the Dow Jones Industrial Average, S&P 500, and Nasdaq fell by 1.7% to 1.8%. 9. It's another big earnings day. Costco and Kroger are the highlights. 10. Key data is coming out. Keep an eye on initial jobless claims and a raft of Fed speeches. | 
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