Stock Sell-Off Set to Continue with New COVID-19 Cases in Focus

Dow Jones Industrial Average (DJI) futures are signaling more losses for stocks this morning, as the coronavirus fears continue to sweep Wall Street. Reports this morning point to a possible "community spread" of the virus in California, suggesting it could begin spreading more widely in the U.S. Tech stocks look ready to lead the decline once again, especially after Microsoft (MSFT) warned its supply chain is taking longer than expected to return to normal conditions. Meanwhile, gold prices continue to rise. 

Continue reading for more on today's market, including: 

• 3 stocks that saw unusual options trading.
• Brokerage stock gets downgraded.
• Plus, Best Buy's holiday quarter; Crocs dips; and Gilead keeps moving higher.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 1.23 million call contracts traded on Wednesday, compared to 800,212 put contracts. The single-session equity put/call ratio moved to 0.65, and the 21-day moving average was 0.56.
2. The shares of Best Buy Co Inc (NYSE:BBY) are down 0.8% despite the company's strong quarterly results. Most notably, the electronics retailer posted a same-store sales beat for the holiday period thanks to robust online sales. BBY stock was up almost 20% in the past six months.
3. Crocs, Inc. (NASDAQ:CROX) is also set to pull back post-earnings, with the footwear stock down 9% before the open. The company gave a weak full-year forecast, citing the effects of the coronavirus.
4. Gilead Sciences, Inc. (NASDAQ:GILD) is on the rise again thanks to the company's plans to start a clinical trial for its coronavirus treatment. GILD stock hit an annual high yesterday, and options volume was accelerated.
5. New home sales are on the schedule, as well as quarterly reports from Etsy (ETSY), L Brands (LB), Lowe's (LOW), Monster Beverage (MNST), Papa John's (PZZA), and SeaWorld Entertainment (SEAS).

Asian Equities Traded Mixed Amid Virus Headlines

Asian markets ended mixed on Thursday, as investors continue to keep a close eye on the economic effects of COVID-19. Hong Kong’s Hang Seng added 0.3%, strengthened by Standard Chartered, which brushed off a lender warning against potential coronavirus headwinds, while the Shanghai Composite in China tacked on 0.1%. Meanwhile, the Kospi in South Korea fell 1.1%, after the Bank of Korea (BoK) announced its decision to keep policy rates steady. Rounding out the region, Japan’s Nikkei lost 2.1%, as the yen strengthened against the dollar.

European stocks are spiraling midday, with more coronavirus cases being reported in Italy. The French CAC 40 is down nearly 3%, the London FTSE 100 has lost 2.6%, and the German DAX is off 2.7% so far.