US Stocks Set To Open Lower As Futures Tank On Coronavirus Fears, Oil Crash

The United States stock market is set to hit another low on Monday as futures contracts plummeted in Sunday's off-hours session.

Coronavirus Fears Rise, Oil War

The market pessimism comes as the number of novel coronavirus (COVID-19) cases continue to rise globally.

In the U.S., the number of confirmed cases multiplied over the weekend to 547, with 21 reported deaths, according to data from Johns Hopkins University.

King County in Washington State, which is home to a number of tech companies, including e-commerce giant Amazon.com Inc. (NASDAQ: AMZN), has alone reported 17 deaths.

Italy, where 7,375 cases have been confirmed, has put some of its central areas, including capital Milan, under lockdown to curb further spread of the virus.

The sinking oil prices add further woe to the stock market. West Texas Intermediate crude oil futures traded 26% lower at $30.54 at press time as Saudi Arabia slashed its oil prices in an apparent price war with Russia.

Russia had reportedly disagreed to participate in the supply cut proposed by the Organization of the Petroleum Exporting Countries (OPEC) last week in response to the coronavirus outbreak, leading to further instigation from the Saudi government.

Futures Price Action

S&P 500 futures traded 6.25% lower at 2,827.00. Dow Jones futures were 1,037 points down at 24,752.00. Nasdaq Futures dropped 6.122% at 8,119.75.