Dow futures sank 800 points while Standard & Poor’s 500 futures slid 2.8%.
The latest developments raised fresh worries that the outbreak could threaten to derail global growth. Investors fear that production delays in China due to the virus could force multinational companies to cut their earnings outlooks.
Expectations have climbed among traders that the Federal Reserve will cut interest rates this year to help cushion the U.S. economy. Fed-funds futures, used by investors to place bets on the course of the central bank's policy, showed 90% of the market on Monday priced in at least one rate cut this year, up from a 58% probability a month ago, according to data from CME Group.
The yield on the 10-year Treasury, which is a benchmark for mortgages and other kinds of loans, was at 1.39%. That yield was close to 1.90% at the start of this year.
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