Stock market live Monday: Dow drops 13%, Trump says recession possible, trading halted at open

The S&P 500 fell more than 11 percent on coronavirus fears—Five experts on what to watch
S&P 500 fell more than 11% on coronavirus fears—Five experts on what to watch

The wave of selling continued on Monday as stocks cratered with the Dow dropping nearly 13% for its worst day since Black Monday, and its largest point drop in history. The S&P 500 also posted its worst day since Oct. 1987, while the Russell 2,000 and Nasdaq Composite turned in their worst days on record. The selling was sharp and fast. Minutes after the open stocks dropped 8% , triggering a "circuit breaker" and a 15 minute halt in trading. That set the tone for the day, with stocks ending the session right around their lowest levels as President Trump said the economy "may be" headed for a recession.

This is a live blog. Here's the latest. 

5:03 pm: NYSE president explains why the exchange will stay open

NYSE President Stacey Cunningham reiterated her call Monday that the stock exchange will not shut down despite continued volatility due to the coronavirus. "It's very important to understand that the underlying causes of the market sell-off would not change if we just stopped trading," she said on CNBC's "Closing Bell." "And the market is really good indicator of what investor sentiment is so it's helpful to have that there." Cunningham added that a closure of equity markets could lead to sell-offs in other parts of the American economy.  - Stankiewicz

4:54 pm: Dow's largest point drop on record, worst day ever for Nasdaq and Russell 2,000

S&P closed down -11.98% for its worst day since Oct 19, 1987 when the S&P lost -20.47%

  • This month: S&P is down -19.23% on pace for its worst month since Oct 1987 when the S&P lost -21.76
  • This year: S&P is down -26.14% YTD on pace for its worst year since 2008 when the S&P lost -38.49%
  • From Record: S&P is 29.69% below its intraday all-time high of 3,393.52 from Feb 19th

Dow closed down -12.93% for its worst day since Oct 19, 1987 when the Dow lost -22.61% 

  • Dow turned in its biggest loss ever of 2,997.10 
  • This month: Dow is down -20.55% on pace for its worst month since Oct 1987 when the Dow lost -23.22%
  • This year: Dow is down -29.26% YTD on pace for its worst year since 2008 when the Dow lost -33.84%
  • From Record: Dow is 31.72% below its intraday all-time high of 29,568.57 from Feb 12th

Nasdaq closed down -12.32% for its worst day ever (In Oct 19, 1987, the 2nd worst day ever, the Nasdaq lost -11.35%)

  • This month: Nasdaq is down -19.41% MTD for its worst month since Feb 2001 when the NAS lost -22.39% 
  • This year: Nasdaq is down -23.05% YTD on pace for its worst year since 2008 when the NASDAQ lost -40.54%
  • From Record: Nasdaq is 29.8% from its intraday all-time high of 9,838.37 from Feb 19th

Russell 2,000 small caps closed down -14.27% for their worst day ever 

  • This month: Small caps are down -29.73% MTD on pace for its worst month since Oct 1987 when small caps lost -30.77%
  • This year: Small caps are down -37.82% on pace for their worst year ever, as long as they closed lower than -34.8% or it will be their worst year since 2008 
  • From Record: Small caps are 39.51% below their 52-wk high of 1,715.08 - Francolla, Stevens

4:51 pm: S&P 500 falls deeper into bear market

With Monday's steep losses, the S&P 500 is now 29.69% below its all-time high from Feb. 19. – Schoen, Stevens

4:42 pm: Amid steep declines, 9 S&P 500 companies eke out gains

As the broader market tanked on Monday, nine S&P 500 components managed to end the day in the green. American Airlines was the leader, with a gain of 11.25%. Conagra Brands also outperformed, rising 9.8%, with J.M. Smucker Company and Clorox each gaining more than 4%. Newmont Corporation, Kroger, Hormel Foods, Kimberly-Clark and Campbell Soup round out the list of positive names. Seven out of the nine companies are in the consumer staples sector. – Stevens

4:33 pm: Volatility Index hits record high

The Cboe Volatility Index closed at its highest level ever on Monday, jumping more than 24 points to finish at 82.69. The index, often called Wall Street's "fear gauge," has only closed above 80 on two other occasions since its creation in 1990, according to FactSet. Both of the previous times were in 2008. — Pound

4:25 pm: Dow erases three years of gains

Charles Schwab chief investment strategist Liz Ann Sonders pointed out on Twitter that the Dow Jones Industrial Average is now trading at levels hit in early 2017. - Sheetz


4:12 pm: Third largest one-day percent drop for the Dow

The Dow Jones Industrial Average lost nearly 13% on Monday, its third largest one-day percent drop for the stock average in history. Stocks weren't soothed by the Fed's easing actions or by President Trump's press conference regarding coronavirus. —Rattner, Fitzgerald 

4:01 pm: Stocks sink to session low in final minutes of trading, Dow plummets nearly 3,000

Stocks plummeted to session lows minutes before the closing bell as President Trump said that the country "may be" headed into a recession. The Dow dropped 2,999 points, or 12.94%, in its worst daily performance since Black Monday. The S&P 500 fell 11.98%, and the Nasdaq dropped 12.32%. The wave of selling came even as the Federal Reserve on Sunday slashed interest rates to near zero, and announced a $700 billion quantitative easing program. —Stevens

3:56 pm: Airline stocks bounce during Trump press conference

Airline stocks jumped to at or near session highs after President Trump said during a press conference that "we will back the airlines 100%," adding "it's not their fault." American Airlines climbed to be up 9.4% for the day. Delta Airlines was still down more than 3% for the day despite the bounce, while United Airlines was still down about 12%. — Pound

3:47 pm: Trump says a recession is a possibility

During the coronavirus press conference, President Donald Trump said the U.S. "may be" headed into a recession. Trump also said that the stock market will come back stronger than ever after the virus is contained. —Fitzgerald 

3:32 pm: Stocks accelerate losses during Trump's conference, Dow down 11%

Stocks accelerated losses while President Donald Trump held a press conference regarding the coronavirus. Trump said the fast-spreading virus could stretch into July or August. The Dow fell more than 2,600 points, or 11%. The S&P 500 plunged 280 points or 10.4% and the Nasdaq fell more than 800 points or 10.4%. - Fitzgerald 

3:13 pm: Final hour of trading: Dow plunges more than 2,000 points after Fed fails to calm markets down

With less than an hour left in Monday's session, the major averages were down sharply after a monetary stimulus-package announcement from the Federal Reserve failed to assuage concerns of the coronavirus' economic blow. The Dow Jones Industrial Average was down more than 2,000 points, or 9%. The S&P 500 and Nasdaq were both down more than 8%. Trading was halted for 15 minutes shortly after the open after a so-called circuit breaker was triggered. —Imbert

2:50 pm: Oil drops nearly 10% as demand evaporates

Oil prices slid 10% on Monday as the acceleration in coronavirus cases worldwide, which is bringing travel and business to a standstill, further dents global demand for crude.

U.S. West Texas Intermediate crude dropped $3.03, or 9.5%, to settle at $28.70 per barrel. Earlier in the session WTI fell to a session low of $28.03 per barrel. International benchmark Brent crude fell 11%, or $3.73, to trade at $30.11. Earlier it traded as low as $29.52, its lowest level since Jan. 2016. 

"The demand drop unfolding is like nothing anyone has ever witnessed," Simmons Energy analyst Pearce Hammond said in a note to clients Sunday. - Stevens

2:35 pm: Market plunge is a 'massive buying opportunity,' Marc Lasry says 

The stock market's steep pullbacks since February represent "a massive buying opportunity" for investors who don't need immediate returns, Marc Lasry told CNBC on Monday. Lasry, who made a fortune buying up troubled assets, cautioned against trying to pinpoint a market bottom. "If you know that you don't have to sell next week, then I would absolutely be a buyer. Should you start coming into today? Absolutely," he said on "Halftime Report." - Stankiewicz 

2:28 pm: The market is overreacting so buy stocks, Ricky Sandler says 

The stock market's reaction to the coronavirus has far outpaced the real economic consequences, hedge fund manager Ricky Sandler told CNBC. "Every new headline, every new hysteria is making people more nervous and it's actually very, very positive," he said on "Halftime Report."  The CEO of Eminence Capital said that's why he's buying equities, such as Marriott and U.S. Foods. -Stankiewicz 

1:34 pm: NY business activity takes a hit

Business activity in New York state has fallen to its lowest level since 2009, according to the latest New York Fed survey, as the coronavirus outbreak halts activity. On Monday, New York, New Jersey, and Connecticut banned eating in restaurants as well as events with more than 50 people in an effort to contain the spread of the virus.

The federal government has "been behind from day one on this crisis," said New York Gov. Andrew Cuomo. "States, frankly, don't have the capacity or the power to make up for the federal government." He called on U.S. officials to coordinate closings across the country, saying state and local leaders have adopted a "hodge podge" of different actions.

Effective by 8 p.m. ET Monday, the three states will prohibit crowds of 50 or more, including private parties; restaurants and bars will need to close, except for takeout or delivery orders; bars, gyms and movie theaters also will need to close, as will nontribal casinos. The rules are in effect "until further notice," New Jersey Gov. Phil Murphy said. - Stevens

1:30 pm: Airlines ask for billions from federal government, trading halted

Airlines have asked the U.S government for up to $50 billion in assistance after the coronavirus pandemic has crushed travel demand and led to restrictions on international flights. The airlines said they need more than half of that money — $25 billion for the passenger carriers and $4 billion for the cargo carriers — immediately. Airline stocks are off their lows for the day, and trading was halted after they announced their request. — Pound

1:12 pm: Financials sector drags markets lower

The Federal Reserve slashed interest rates to near zero on Sunday night, and bank stocks are feeling the pain today. The financials sector is the worst performing S&P 500 sector, falling nearly 11%. Credit Suisse is down 15%, while Bank of America, JPMorgan and Morgan Stanley are all down 13%. Wells Fargo and Goldman Sachs have each shed more than 9%. – Stevens

12:09 pm: Fed says it will offer an additional $500 billion in overnight repo funding markets

A day after a dramatic move in interest rates, the Federal Reserve on Monday increased the amount of liquidity it's offering in short-term lending to the financial industry. In a mid-day announcement, the New York Fed said it will conduct a $500 billion repo operation this afternoon, another move targeted at keeping money flowing through the system. Stocks were mainly unchanged after the announcement.  — Cox

11:55 am: Markets at midday: Stocks off their lows but still down sharply

Around midday, the major averages were well off their session lows. However, they were still headed for steep losses on the day. The Dow was down nearly 8%, or 1,800 points, while the S&P 500 was down about 7% along with the Nasdaq. The averages were all down more than 11% earlier in the day before trimming their losses. —Imbert

11:32 am: Fed 'doing all they can' but fiscal help needed, Temple says

Ron Temple, head of U.S. equities at Lazard, praised the massive move by the Federal Reserve on Sunday but said the federal government needs to do more to fight the coronavirus pandemic. "I would give the Fed an 'A.' I think the Fed recognized they did not have a lot of dry powder to work with. They also realized that if you don't have a lot to work with, you're better off trying to achieve a bit of a shock and awe to get the most bang for your buck … They're doing all they can do." Temple said that the relief bill passed by the House of Representatives has "giant loopholes" that can lead to people going to work sick and criticized how President Trump described the coronavirus website being worked on by Verily, a part of Google's parent company. — Pound

11:07 am: As markets crash, Wall Street says buy Clorox, Costco and Domino's

  • Morgan Stanley upgraded Altria to overweight from equal weight.
  • Goldman Sachs downgraded American Airlines to neutral from buy.
  • RBC upgraded CrowdStrike to outperform from sector perform.
  • JPMorgan upgraded Clorox to overweight from underweight.
  • Jefferies upgraded Las Vegas Sands to hold from buy.
  • Wells Fargo upgraded US Bancorp to overweight from underweight.
  • Wedbush upgraded eBay to outperform from neutral.
  • Stifel downgraded United Airlines to hold from buy.
  • RBC downgraded Exxon Mobil to underperform from neutral.
  • Stifel upgraded Caterpillar to buy from hold.
  • RBC downgraded Harley-Davidson to underperform from sector perform.
  • Stephens upgraded Domino's to overweight from equal weight.
  • Morgan Stanley named Procter & Gamble a top pick.
  • Morgan Stanley upgraded Costco to overweight from equal weight.
  • Raymond James upgraded Verizon to outperform from market perform.
  • Raymond James downgraded AT&T to market perform from outperform.

Here's the full list of analyst calls. -Bloom.

11:01 am: Stocks vs. Christmas Eve 2018 low

In December of 2018 when the U.S. was embroiled in a trade war with China, stocks experienced their worst December since the Great Depression and briefly dipped into bear market. Currently, the Dow has breached these December 2018 levels but the S&P is still 5% off those lows. 

Here's were stocks are compared to during December 2018:

  • Dow has hit its lowest level since April 19, 2017 when the Dow traded as low as 20,379.55
  • Russell 2,000 small caps have hit their lowest level since March 29, 2016 when the small caps hit a low of 1,075.48
  • S&P is still about 5% above its Christmas Eve 2018 closing low of 2,351.10
  • Nasdaq is about 15% its Christmas Eve 2018 closing low of 6,192.92
  • Energy/Materials/Financials/Industrials all below their Christmas Eve closing low
  • Tech is still over 33% above its Christmas Eve 2018 closing low, Comm Services is over 12% above and Staples are 11% above their Christmas Eve closing low. —Fitzgerald, Francolla 

10:40 am: Sixth largest drop for the Dow

At its low of the day, the Dow Jones Industrial Average cratered more than 10%, for the stock average's sixth largest one-day percent drop in history. At these levels the Dow was down 30% from its record high in February. The average last traded down more than 8%. - Fitzgerald 

10:28 am: "Stocks for the storm"

There are a handful of stocks that can weather the current market storm, according to investment bank and research firm BTIG. The firm refreshed its list of "highest conviction investment ideas," in light of the recent volatility and market turmoil.  BTIG has a buy rating on all the stocks on the list, and it expects them to rally over the next 12- months. Chipotle is at the top of the list, expected to rally 60% in the next year. 

CNBC PRO subscribers can read more here. – Fitzgerald

10:17 am: Stocks fall deeper into bear market territory

The Dow and S&P 500 entered a bear market last week, putting an end to the historic bull run that began in the throes of the financial crisis. Monday's steep losses have sent the major averages further below their all-time high levels hit just last month.

The Dow is 29.5% below its all-time high level, while the S&P 500 is 27.8% below its high. The Nasdaq Composite is also 27% below its recent high. - Stevens

10:06 am: Volatility index spikes above 73

The Cboe Volatility Index, a measure of investor fear, spiked above 73 on Monday shortly after the opening bell. The VIX, a measure of the 30-day implied volatility of the S&P 500, surged 27% to 73.50 as stocks continued their downward spiral. – Fitzgerald

9:56 am: Germany seals off borders as European countries report record jump in coronavirus deaths

Germany is the latest European country to seal off its borders in an effort to contain the coronavirus outbreak, as the number of deaths in Europe jumped overnight.

As of Monday morning, Germany had shut its borders with Austria, Switzerland, France, Luxembourg, and Denmark. Only German citizens, those who reside in the country and work in a neighboring nation and vice-versa, and physical goods, can cross the German border. Though Berlin is not the first European capital to impose border restrictions, the move marked a U-turn in Chancellor Angela Merkel's policy.

"It's a crisis situation," Friedrich Heinemann, head of public finance at the German-based think tank ZEW, told CNBC about the German decision. — Amaro

9:48 am: Stocks re-open for trading, Dow plummets more than 2,700 points

The major averages are open for trading once again after a 15 minute halt almost immediately after the open. The Dow Jones Industrial Average is down 11.8%, or 2,733 points. The S&P 500 is down 10%, and the Nasdaq Composite is down 11.7%. - Stevens

9:42 am: Market reopens at 9:45 a.m. ET after circuit breaker kicked in

Stocks tanked on Monday, triggering a key market-wide "circuit breaker" designed to prevent the market from falling through the floor.

The circuit breaker has kicked in multiple times in the past few weeks as investors exited the market with the coronavirus outbreak disrupting global supply chains and fueling fears of a recession. The stock market has tumbled into a bear market, or down more than 20% from their recent highs. - Li

9:31 am: Stocks crater at the open, circuit-break kicks in almost immediately and halts trading

Stocks cratered at the open, with the major averages dropping more than 7% and leading to a 15 minute halt in trading after the circuit-breaker threshold was triggered.

According to the New York Stock Exchange, a market trading halt occurs at "three circuit breaker thresholds" on the S&P 500 due to large declines and volatility. The exchange classifies this at three levels based on the preceding session's close in the S&P 500.

Before trading was halted, the Dow Jones Industrial Average fell 2,250 points, or 9.7%. The S&P 500 fell 8%, while the Nasdaq Composite was down 6%. - Stevens

9:13 am: 10-year Treasury yield falls below 0.8%

Following the Fed's surprise move to cut rates to near zero and vow to boost its bond holdings aggressively, the yield on the benchmark 10-year Treasury note dropped 18 basis points to 0.76%. The yield on the 30-year Treasury bond fell 13 basis points to 1.38%. Bond yields move inversely with prices. Still, yields' plunge following the Fed's emergency move was less dramatic than many had thought. "To some extent the rate cut and eventual return to QE were anticipated," said Ian Lyngen, BMO's head of U.S. rates. "For the time being there is an underlying reluctance to press longer rates lower given the experience of last week... investors prefer to hold cash and very front-end securities." – Li

9:09 am: El-Erian blasts Fed, saying it should have been 'laser-focused' on market failures and cut rates later

Economist Mohamed El-Erian said Monday the Federal Reserve wasted a large part of its monetary policy arsenal to fight the economic fallout of the coronavirus by doing things backward.

"There's a problem with both what the Fed did and what the Fed did not do. As result of that, ... you saw that clearly in how the futures traded," the Allianz chief economic advisor said on CNBC's "Squawk Box."

"We should have been more laser-like focused on areas of market failures ... and then followed up with more general interest rate cuts when that can have an impact," El-Erian argued, stressing that lowering rates and making loans cheaper won't change the spending behavior of consumers who are not leaving their homes. – Belvedere

9:06 am: Apple fined a record $1.2 billion by French antitrust authorities

French antitrust authorities ordered Apple on Monday to pay a 1.1 billion euro ($1.23 billion) fine for anti-competitive behavior. The French competition authority said the iPhone-maker was guilty of creating cartels within its distribution network and abusing the economic dependence of its outside resellers. Two of Apple's wholesalers were also fined for agreeing on prices: Tech Data and Ingram Micro received fines of 76.1 million euros and 62.9 million euros respectively. The French authority said this penalty — totaling 1.24 billion euros — was the largest ever handed down in one case. Shares of Apple were down more than 13% during Monday's premarket trading. – Amaro, Stevens

8:57 am: Bernstein says Tesla's stock is still high

Bernstein analyst Toni Sacconaghi warned that, even after dropping more than 40% from its highs, Tesla's stock "remains high enough that it takes very aggressive assumptions on its future auto business." Sacconaghi added that Tesla shares have "more near-term risk" to financial estimates than most other technology growth stocks. – Sheetz

8:47 am: IMF says it's ready to 'mobilize its $1 trillion lending capacity' to fight coronavirus

The International Monetary Fund on Monday said it "stands ready" to use its $1 trillion lending capacity to help countries around the world that are struggling with the humanitarian and economic impact of the novel coronavirus.

"As a first line of defense, the Fund can deploy its flexible and rapid-disbursing emergency response toolkit to help countries with urgent balance-of-payment needs," wrote Kristalina Georgieva, Managing Director of the International Monetary Fund.

"The Fund already has 40 ongoing arrangements—both disbursing and precautionary—with combined commitments of about $200 billion," she added. "In many cases, these arrangements can provide another vehicle for the rapid disbursement of crisis financing." – Franck

8:28 am: Fed's shocking emergency move triggers more panic selling

Many Wall Street insiders believe the Federal Reserve's extraordinary move could backfire and trigger even more panic selling. The Fed announced rate cuts and a bond-buying program Sunday in an aggressive bid to save the economy from the coronavirus fallout and calm the markets. The Fed pulled the trigger three days before its scheduled meeting on March 18. Sunday's action marked the second emergency rate cut in just two weeks. "Some times the massive Fed interventions have generated even more panic selling in the markets as it shows the severity and concern of Fed officials of just how bad the risks are that the economy faces," said Chris Rupkey, MUFG 's chief financial economist. Many believe the central bank will eventually follow by re-instituting the Commercial Paper Funding Facility used during the financial crisis to provide liquidity in the market. – Li

8:18 am: Copper hits lowest level since 2016

As the coronavirus-related sell-off hits every corner of the market, copper fell to a multi-year low on Monday. The metal hit $2.346 per pound, its lowest level since Nov. 9, 2016. – Francolla, Stevens

7:57 am: Clayton: Market circuit breakers served their purpose well

Even as stocks tumbled into bear market territory at record pace last week, actual market functioning was efficient, Securities and Exchange Commission Chairman Jay Clayton told CNBC. Specifically, the market circuit breakers, which halt trading when the S&P 500 tumbles past certain levels, did what they were supposed to do last Monday and Thursday, the chief regulator said on "Squawk Box." His comments come amid anticipation that trading will again be halted at the open Monday. "When we had the circuit breakers tripped last week, markets functioned well on the reopen. We were very pleased to see that," he said. Clayton also addressed the outage at free trading platform Robin Hood, saying disruptions can happen during times of stress. "People should expect bumps in the road. We're doing to deal with them," he said. – Cox

7:47 am: NYSE implements new procedures for floor participants due to coronavirus

CNBC's Bob Pisani reports that while entering the NYSE Monday morning a medical team was at the entrance. An attendant took his temperature and he was asked to fill out a one-page questionnaire on whether he was feeling ill or had traveled out of the country. — Melloy

7:43 am: Harley-Davidson down more than 11% as RBC cuts to underperform based on coronavirus uncertainty

Shares of Harley-Davidson slid more than 11% in premarket trading after RBC downgraded the stock to an underperform rating based on the uncertainty surrounding the coronavirus outbreak. "Overall, we are cautious on motorcycle industry growth, as we believe there are real secular pressures. Additionally, the COVID-19 pandemic has lead to an increasingly uncertain macro and thus discretionary purchasing outlook and (more importantly) trajectory of eventual recovery, which further exacerbates HOG's structural challenges," the analysts said. The firm also cut its target to $17, which is 28% below where the stock currently trades. — Stevens

7:38 am: Coronavirus update

The deadly coronavirus that has roiled markets in recent weeks has set off a series of government protocols like travel bans and statewide school closures. Officials at the city, state and national government have all stepped in, encouraging "social distancing" in order to curb the fast-spreading virus. The coronavirus has infected more than 150,000 people globally and killed more than 5,700, according to the World Health Organization. —Fitzgerald

7:29 am: Airlines crater after capacity cuts 

Alongside the broader market, airlines cratered in premarket trading on Monday as the coronavirus continues to weigh on the beaten down travel industry. American Airlines, which was down 16% in the premarket, cut 75% of its international capacity, as the airline sees a drop in demand. United, which fell 15%, cut half of its capacity for all flights and Delta, down 13%, cut 40% of its system-wide capacity. —Fitzgerald

7:26 am: Oil slide continues as U.S. West Texas Intermediate falls more than 6%, breaking below $30

After posting its worst week since the financial crisis, oil was once again under pressure on Monday as the coronavirus outbreak continues to dent demand. U.S. West Texas Intermediate crude fell 6.6% to trade at $29.67 per barrel, while international benchmark Brent crude was down 9.4%, putting it at $30.63 per barrel. "The demand drop unfolding is like nothing anyone has ever witnessed," Simmons Energy analyst Pearce Hammond said in a note to clients Sunday. — Stevens

7:24 am: Stock futures hit "limit down" levels

Contracts on the S&P 500 dropped 5%, reaching a "limit down" band made by the CME futures exchange to prevent further losses. No prices can trade below that threshold, only at higher prices than that down 5% limit. Dow Jones Industrial Average futures plunged more than 1,000 points, also triggering the limit down level. The halt occurs during non-U.S. trading hours — that is before the 9:30 a.m. ET open of regular trading. If the sell-off accelerates during the regular trading hours, the so-called circuit breakers could kick in once again. If the S&P 500 drops 7% after the market open, trading will pause for 15 minutes. 

The SPY ETF plummeted 9% in the premarket, signaling that a "circuit breaker" will be triggered shortly after the regular session starts. ETFs that track the Dow and Nasdaq 100 — the SPDR Dow Jones Industrial Average ETF Trust (DIA) and Invesco QQQ Trust — were also down more than 8%. — Li

7:12 am: Stocks are set for a massive tumble even after Fed stimulus announced

U.S. stocks were headed for another sharp downturn on Monday as concerns over the coronavirus' impact on the global economy outweighed the monetary stimulus announced by the Federal Reserve on Sunday. Dow, S&P 500 and Nasdaq 100 futures were all at their "limit down" levels, trading 5% below the indexes' previous close. The ETFs that track the major averages pointed to even more pain than futures, falling more than 9% in the premarket. The Fed cut rates to essentially zero on Sunday and launched a massive $700 billion easing program. —Imbert

- CNBC'S Maggie Fitzgerald, Jeff Cox, Thomas Franck, Michael Sheetz, Silvia Amaro, Matt Belvedere and John Melloy contributed reporting.

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