U.S. stocks sink on growing concern of outbreak’s economic impact

U.S. stock market futures sank Monday as the spread of coronavirus raised worries that global economic growth could take a hit.

Dow Jones Industrial Average futures YM00, -2.56%  fell 666 points, or 2.3%, to 28317, suggesting a steep drop when U.S. trading starts Monday morning. S&P 500 futures ES00, -2.58%  fell 2.4% and Nasdaq-100 futures NQ00, -3.15%  dropped over 3%.

On Saturday, the International Monetary Fund warned the virus outbreak could reduce global economic growth by 0.1% this year, and drag China’s annual growth 0.4 percentage points lower than January estimates.

The Dow Jones Industrial Average DJIA, -0.78%   closed below 29,000, shedding 227.51 points, or 0.8%, at 28,992.40, its worst one-day percentage drop since Feb. 7. The S&P 500 SPX, -1.05%   lost 35.48 points, or 1.1%, to settle at 3,337.75, its biggest one-day percentage decline since Jan. 31. The Nasdaq Composite Index COMP, -1.79%   lost 174.37 points, or 1.8%, to finish at 9,576.59, its worst single-day percentage fall since Jan. 27, according to Dow Jones Market Data.