Traders work on the floor of the New York Stock Exchange (NYSE) in New York.

Brendan McDermid | Reuters

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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 contributed reporting.

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