Dow futures drop over 1,000 pts as oil plunges 30%

Dow futures fell 1,200 points to start the week, oil plunged 30 percent as the coronavirus spreads and quarantine measures are taken.

The major futures indexes are indicating a drop of almost 5 percent when trading begins on Wall Street.

At one point, the stock fall triggered a halt in trading after a 5 percent drop.

Asian stock markets plunged Monday after global oil prices nosedived on worries a global economy weakened by a virus outbreak might be awash in too much crude.

Tokyo’s benchmark tumbled 5 percent, while Hong Kong was down at least 4.4 percent. China’s Shanghai Composite was off 3 percent.

In Europe, London’s FTSE wad down 3.6 percent, Germany’s DAX fell 3.4 percent and France’s CAC dropped 4.1 percent.

Oil prices are plunging amid concern a dispute among producers could lead a global economy weakened by coronavirus to be awash in an oversupply of crude.

Currently, Brent crude, the international standard, was down $10.84, or 23.9 percent, to $34.45 per barrel in electronic trading in London. Benchmark U.S. crude fell $10.70, or 25.9 percent, to $30.56.

The dramatic losses follow a 10.1 percent drop for U.S. oil on Friday, which was its biggest loss in more than five years. Prices are falling as Saudi Arabia, Russia and other oil-producing countries argue how much to cut production in order to prop up prices.