Coronavirus update, earnings, consumer confidence: 3 things to watch for in the markets on Tuesday

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We'll get updates on the coronavirus, earnings from Home Depot and Salesforce, and a reading on consumer confidence on Tuesday.

Mark Kauzlarich | Bloomberg | Getty Images1. Coronavirus updates

After a 1,000 point drop to the Dow Jones Industrial Average on Monday, investors will be looking for updates on the coronavirus on Tuesday. Stocks were dented on news about the spike in cases outside of China, in places like South Korea and Italy. The World Health organizationnew cases in Iran and Italy are "deeply concerning" and Goldman Sachs slashed its first quarter GDP forecast from the impact of the virus.

Investors will be hanging on new case numbers from Italy, Iran and South Korea and looking for a continued slowdown in cases in China.We'll get earnings from Home Depot before the bell on Tuesday. Analysts polled by FactSet are expecting the home improvement company to report earnings per share of $2.11 on revenue of $25.762 billion. This compared to the $2.25 per share on sales of $26.491 billion Home Depot reported a year prior.

Real estate-related stocks have outperformed this year benefiting from lower mortgage rates while the broader market digests fears about the coronavirus. Shares of Home Depot are up nearly 10% this year while the S&P 500 is about flat in 2020. Cloud company Salesforce also reports quarterly earnings after the bell on Tuesday. Analysts polled by FactSet estimate the Marc Benioff-led company will report earnings of 56 cents per share on revenue of $4.755 billion. Salesforce earned 70 cents per share on sales of $3.603 billion a year prior.We'll also get earnings from spaceflight company Virgin Galactic, and a stock that has garnered much attention from its 190% rally in 2020.

 

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