Futures on the Dow Jones Industrial Average plummeted more than 1,000 points in overnight trading on Sunday due to persistent fears of a coronavirus pandemic. The Dow dropped 1,078 points ahead of Monday’s opening bell, while the S&P 500 futures plunged four percent. Saudi Arabia on Saturday lowered crude oil prices as the novel coronavirus shows no sign of slowing its spread. “Crude has become a bigger problem for markets than the coronavirus,” founder of Vital Knowledge Adam Crisafulli told CNBC. “It will be virtually impossible for the [S&P 500] to sustainably bounce if Brent [the crude futures international benchmark] continues to crater.” The Federal Reserve last week slashed rates in emergency action to deal with anxieties over coronavirus contagion, which has caused Washington state, New York, California, Oregon, and Maryland to declare states of emergency.
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