By Elliot Smith, CNBC–

  • Investors continue to monitor the coronavirus outbreak, with China’s National Health Commission on Thursday reporting a total of 75,465 confirmed cases and 2,236 deaths on the mainland.
  • February flash manufacturing and services PMI (Purchasing Managers’ Index) readings are due at 9:45 a.m. ET on Friday, while January existing home sales figures are expected at 10 a.m. ET.

U.S. stock index futures are pointing to a sharply lower open on Friday morning after the number of new coronavirus cases escalated.

At around 2:05 a.m. ET, Dow futures were down 123 points and indicated an implied negative open of more than 153 points. Futures on the S&P 500 and Nasdaq were also lower.

Investors continue to monitor the coronavirus outbreak, with China’s National Health Commission on Thursday reporting a total of 75,465 confirmed cases and 2,236 deaths on the mainland. South Korea reported 52 new cases on Thursday to take its total to 150.

U.S. stocks are coming off a negative session driven by a sudden midday sell-off which confounded traders and brought markets back from previous record highs.

In corporate news, Sears received a new financial lifeline in the form of a $100 million deal with hedge fund Brigade Capital Management as it tries to stabilize following bankruptcy, Reuters reported on Thursday citing people familiar with the matter.

Morgan Stanley announced Thursday that it will acquire discount brokerage E-Trade Financial Corp. in an all-stock deal valued at $13 billion.

Traders will also monitor February flash manufacturing and services PMI (Purchasing Managers’ Index) readings due at 9:45 a.m. ET on Friday, while January existing home sales figures are expected at 10 a.m. ET.

Friday will be a quieter day on the corporate earnings front, with Deere the only major U.S. company set to report before the bell.