Global markets remain in peril thanks to the spread of the coronavirus, plus stocks to watch today in the Money and Markets Wall Street Wake-Up.

The Top Story

Global stock markets have lost a collective $6 trillion in the last six days as markets continue to fall in response to the coronavirus outbreak.

According to S&P Dow Jones Indices, the recent sell-off has taken nearly $4 trillion from U.S. stocks as all three major indexes are in correction territory — dropping at least 10% from their most recent highs.

Through Thursday’s close, the Dow Jones Industrial Average has dropped more than 3,200 points while the S&P 500 is down 10.8%. Markets are on pace for their worst performance since the financial crisis.

What it means: As companies continue to revise their guidance downward and the virus moves unchecked, markets are likely to continue the free fall. It could also signal a pull-back in consumer spending.

What’s happening now: As of 8 a.m. Eastern time, markets are poised to open down again. Dow Jones Industrial Average futures were down 0.5%, S&P 500 futures fell 0.5% this morning and Nasdaq Composite futures were down 0.5%.

Stocks to Watch Today

Beyond Meat Inc. (Nasdaq: BYND) — The plant-based meat producer posted a $0.01 loss per share despite reporting a 212% jump in revenue. Shares of Beyond Meat were down 12.3% in premarket trading.

Wayfair Inc. (NYSE: W) — Shares of the e-commerce company were off 14.7% in early trading after it reported a fourth-quarter loss deeper than Wall Street projected. The company reported a net loss of $3.54 per share.

Trade Desk Inc. (Nasdaq: TTD) — The global technology company saw its shares jump up 6.8% after reporting better-than-expected Q4 earnings and sales. Its sales guidance for Q1 and 2020 was also above estimates.

In the News

Global airline carriers are bearing the brunt of the coronavirus spread.

Most recently European carriers like British Airways, Finnair and easyJet are telling investors to expect big hits to profits as travel demand has dropped.

IAG, which owns British Airways, Iberia and Aer Lingus said it was unable to give accurate guidance now because of continued uncertainty as the virus spreads to Europe.

American carriers are facing the same pressures as share prices have tumbled due to a significant drop in demand.

Ex-Fed Gov. Kevin Warsh Expects Coordinated Central Bank Action Soon

Speaking to CNBC’s “Squawk Box” on Friday, former Federal Reserve Governor Kevin Warsh said he expects the Federal Reserve and other global central banks to act soon in response to the coronavirus.

He said the Fed should act as quickly as Sunday to calm financial markets already in turmoil.

“This thing’s moving pretty darn quickly,” he said. “At the very least, a statement on Sunday night before Asian markets open would buy them a little time and let us all learn a little bit more about where things are.”

However, two European Bank policymakers told Reuters on Friday the central bank does not need to take any immediate action, essentially playing down the impact of the virus.

FCC Probe Finds Mobile Carriers Didn’t Safeguard Customer Location Data

Top cellphone carriers in the U.S. are facing millions in fines from the Federal Communications Commission.

The FCC discovered AT&T Inc. (NYSE: T), Sprint Corp. (NYSE: S), T-Mobile US Inc. (Nasdaq: TMUS) and Verizon Communications Inc. (NYSE: VZ) failed to safeguard information about customers’ real-time locations, officials told The Wall Street Journal.

Fines, which could be more than $200 million, are expected to be announced by regulators today.

Other Morning Reads

Don’t Expect a Big Market Rebound Anytime Soon (Money and Markets)

Geneva Car Show Canceled As Coronavirus Spreads in Europe (CNN Business)

Guggenheim CIO Says ‘We’ve Reached a Tipping Point’ for Markets (Money and Markets)

Earnings Report

Here are the companies releasing earnings reports today:

Foot Locker Inc. (NYSE: FL)

Icahn Enterprises LP (Nasdaq: IEP)

Magellan Health Inc. (Nasdaq: MGLN)

Spirit AeroSystems Holdings Inc. (NYSE: SPR)

Wayfair Inc. (NYSE: W)

Check back each morning before the opening bell for stocks to watch today with the Wall Street Wake-Up, here on Money and Markets.