Breaking: U.S. Futures Dive; Dow Set to Drop 700 Points

By Kim Khan

Investing.com - Wall Street is set to plunge at the open Monday as investors flee risk assets for safety on more evidence the Covid-19 coronavirus is far from being contained globally.

S&P 500 futures are down 2.2%, indicating a fall of 74 points at the open. Dow futures are looking at a plunge of 730 points, off 2.5% and Nasdaq 100 futures are down 2.7%, indicating a drop of 255 points when trading begins.

Worries snowballed over the weekend as the numbers of cases of Covid-19 jumped in Italy, South Korea and Iran. Authorities in Italy imposed a quarantine in the north of the country and its benchmark MIB index tumbled 4.6%.

Safe havens rallied sharply, as expected, with gold futures rising, 2.1%, closing in on $1,700 per ounce and the yield on the 10-year Treasury tumbling below 1.4% to levels not seen since 2016. Its all-time yield low is 1.32%.

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