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Dow futures sink 1,300 points, oil tumbles on global recession fears

U.S. stock futures and bond yields tumbled Monday, extending a global rout after a sharp drop in crude prices intensified concerns about a global recession.

Dow futures tumbled 1,255 points while Standard & Poor’s 500 futures sank 4.9%. Futures contracts hit a 5% daily down limit on Sunday evening, triggering a halt in trading.

On Monday, the New York Federal Reserve said it will increase the amount of money it is offering to banks for their short-term funding needs, CNBC reported, a move to guard against market pressures.

Global stocks were pummeled after crude prices plunged as much as 30%, putting oil prices on pace for their worst losses since the start of the 1991 Gulf War. That rattled investors who were already contending with economic disruptions from the deadly coronavirus. The outbreak has infected more than 110,000 people globally, with more than 500 infections reported in the U.S.

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