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Stock market live updates: Dow futures up 100, Cramer not buying it, Micron falls

This is a live blog. Check back for updates

7:07 am: Mastercard shares lower amid coronavirus warning, executive change

7:03 am: El-Erian says ‘this is different,’ warns against buying the dip

Economist Mohamed El-Erian said on CNBC’s “Squawk Box” that he’s advising investors against buying the coronavirus-induced dip. “I stress, this is different,” the Allianz chief economic advisor and ex-Pimco CEO said. He noted that while buying the dip is a well-known strategy on the Street, disruptions to corporate earnings and economic growth from “shock” events such as the coronavirus tend to impact stocks for longer than a fundamentals-driven downturn. – Belvedere, Stevens

6:57 am: Traders eyeing chipmakers Tuesday

It will be tough for any comeback rally to hold Tuesday without the help of the chipmakers, which have been among the hardest hit on the slowing global growth concerns stemming from the coronavirus outbreak. Micron shares were down 1% after Bank of America downgraded the stock to underperform and also cut its view on the whole memory chip industry because of the coronavirus effect on supply chains in China and South Korea. Bank of America thinks Micron will need to cut guidance in March. Elsewhere, Nvidia shares were downgraded to “reduce” by Instinet, also citing the coronavirus risks to the global semiconductor industry. Nvidia is slightly higher in premarket. – Melloy

6:55 am: ‘Don’t like to buy into a rally,’ Cramer says, negatives out there ‘can’t be overlooked’

In a series of tweets CNBC’s Jim Cramer noted that despite implied gains at the open, investors shouldn’t buy into this rally or make decisions based on futures. He said that the market is “not that oversold” and pointed to a number of unknows, including the coronavirus spreading from Milan to the United States, delays in a potential vaccine, as well as companies preannouncing EPS weakness. – Stevens

6:27 am: Futures point to muted gains at the open

Stock futures implied a positive open for the major averages, with the Dow Jones Industrial Average indicating a gain of 113 points at the open. This hardly makes up for Monday’s losses, however, which saw $1.7 trillion wiped from the global market with the Dow sliding 3.56%, or 1,031 points, and the S&P and NASDAQ shedding 3.35% and 3.71%, respectively. -Stevens

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