Dow futures plunge 1,000 points after Fed cuts interest rate to zero | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Dow futures plunge 1,000 points after Fed cuts interest rate to zero

Global stock markets plunged Monday as investors were unnerved by drastic action from the US Federal Reserve to cushion the blow from coronavirus and as data showed the outbreak has caused an unprecedented economic collapse in China.

Markets were battered across Asia, with Australia's benchmark index crashing nearly 10% in its worst day on record. In Europe, London's FTSE 100 (UKX) fell 7% in early trading, while France's CAC 40 (CAC40) and Germany's DAX (DAX) dropped roughly 9%.

US markets were poised to suffer heavy losses. Dow (INDU) futures were last down 1,041 points, or about 4.5%. S&P 500 (SPX) futures slumped 4.8%, while Nasdaq (COMP) futures shed 4.5%. There are now more than 3,000 cases of the novel coronavirus in the United States, according to government agencies and the CDC.

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