The Dow futures fell 1,200 points to start the week, oil fell 30% as the coronavirus spreads and quarantine measures are taken.
The main futures indexes point to a drop of almost 5% when trading begins on Wall Street.
At one point, the fall in stocks triggered a halt in trading after a drop of 5%.
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Asian stock markets plunged on Monday after global oil prices plunged into concern, a global economy weakened by a virus epidemic could be inundated with too much crude.
The Tokyo benchmark fell 5%, while Hong Kong was down at least 4.2%. The Chinese composite of Shanghai lost 3%.
In Europe, the FTSE in London fell 6.8%, the German DAX by 6.6% and the CAC in France by 7%.
Oil prices plummet when there is concern that a dispute between producers will lead a world economy weakened by the coronavirus to plunge into an oversupply of crude.
Currently, Brent crude oil, the international standard, has dropped $ 9.41, or 20.7%, to $ 35.90 a barrel in London’s electronic commerce. US benchmark crude oil fell $ 9.00, or 21.8%, to $ 32.27.
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Friday’s dramatic losses followed a 10.1% drop in US oil, which was its largest loss in more than five years. Prices fall as Saudi Arabia, Russia and other oil-producing countries argue over production cuts to support prices.
Markets were already troubled by the potential impact of the virus epidemic that started in China and disrupted travel and trade.
Two members of Congress, Senator Ted Cruz and Congressman Paul Gosar, say they isolate themselves after determining that they had had contact at a political conference with a man infected with the coronavirus.
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Cruz says he had brief contact with the man at the Conservative Political Action Conference almost two weeks ago and would spend the next few days at home in Texas until 14 days have passed. since their interaction.
Gosar said that he had maintained contact with the CPAC man and that he and three members of his senior management were in self-quarantine. The Arizona Republican office will be closed for the week.
On Sunday, Italy attempted to quarantine a region with more than a quarter of its population in the hope of catching it.
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The virus has infected more than 100,000 people and killed more than 3,400 worldwide, although most of the people who have contracted the virus since December have now recovered.
The Associated Press contributed to this article.