Please fasten your seat belts and keep them secured…we’re in for a turbulent ride ahead.
U.S. equity futures are pointing to a large decline in stocks on Monday morning on concerns about the spread of coronavirus outside China, with Italy, South Korea and Iran seeing a big jump in infections.
The major futures indexes are indicating a decline of 2.7 percent when trading begins on Wall Street.
Economically sensitive oil is tumbling for a second day. U.S. crude is trading at $51.28, down 3.9 percent. Brent crude is trading at $56.12, down 4 percent.
Safe-haven gold surged more than 2.3 percent to a fresh 7-year high. Currently at $1,687.
The 10-year Treasury yield has tumbled to the lowest since July 2016 as fears about the global economic impact of coronavirus drive investors to the safety of U.S. government debt. The record low yield for the benchmark 10-year note is 1.3759 percent on July 5, 2016.
In Asian markets, Hong Kong’s Hang Seng ended down 1.8 percent and China’s Shanghai Composite fell 0.3 percent. Japan’s markets are closed for a holiday.
In Europe, London’s FTSE fell 3.4 percent, Germany’s DAX plunged 3.7 percent and France’s CAC fell 3.7 percent.