Here's what you need to know before the markets open.1. Global stocks tank as investors brace for a coronavirus pandemic. The flu-like illness has now claimed lives in Iran, Italy, and South Korea.2. Warren Buffett is cheering the current selloff, saying investors 'should want the stock market to go down.' "That's good for us actually, we're a net buyer of stocks over time," the billionaire investor and Berkshire Hathaway CEO said in a CNBC interview on Monday.3. Here are the biggest takeaways from Warren Buffett's annual letter. The Berkshire Hathaway CEO discussed accounting rules, stock buybacks, boards of directors, acquisitions, succession plans, and market performance.4. US sees no material impact from virus on US-China trade deal for now. Treasury Secretary Steven Mnuchin told Reuters he does not expect the coronavirus outbreak to have a material impact on the first phase of the two nations' trade deal, although he warned that could change as more data becomes available in coming weeks.5. Goldman Sachs pleads not guilty in Malaysia over 1MDB bond sales. Three units of the banking titan pleaded not guilty to charges of misleading investors regarding $6.5 billion in bond sales that Goldman helped raise for state fund 1Malaysia Development Berhad (1MDB), Bernama state news agency reported on Monday.6. Primark owner warns coronavirus threatens clothing supplies. Associated British Foods said there was a risk of supply shortages on some lines later this financial year if delays in factory production in China are prolonged due to coronavirus.7. PepsiCo buys Chinese snack brand Be & Cheery for $705 million. "Be & Cheery adds direct-to-consumer capability, positioning us to capitalize on continued growth in e-commerce, and a local brand that is able to stretch across a broad portfolio of products, through both online and offline channels," a PepsiCo executive said.8. Stocks are tanking. European equities dropped with Germany's DAX down 3.4%, Britain's FTSE 100 down 3%, Italy's FTSE MIB down 4.5%, and the Euro Stoxx 50 down 3.4%. Asian indexes closed lower with China's Shanghai Composite down 0.3%, Hong Kong's Hang Seng down 1.8%, and South Korea's KOSPI down 3.7%.US stocks are poised to open lower. Futures underlying the Dow Jones Industrial Average and S&P 500 were down 2.4%, while Nasdaq futures slid 2.6%.9. Some big earnings are coming out. HP, Intuit, and Palo Alto Networks are among the highlights.10. There's some key data on the docket. Look out for national activity and manufacturing figures.Join the conversation about this storyNOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption Click here to read full news..