Breaking: U.S. Futures Dive; Dow Set to Drop 700 Points

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By Kim Khan – Wall Street is set to plunge at the open Monday as investors flee risk assets for safety on more evidence the Covid-19 coronavirus is far from being contained globally.

  • are down 2.2%, indicating a fall of 74 points at the open. are looking at a plunge of 730 points, off 2.5% and are down 2.7%, indicating a drop of 255 points when trading begins.
  • Worries snowballed over the weekend as the numbers of cases of Covid-19 jumped in Italy, South Korea and Iran. Authorities in Italy imposed a quarantine in the north of the country and its benchmark tumbled 4.6%.
  • Safe havens rallied sharply, as expected, with rising, 2.1%, closing in on $1,700 per ounce and the yield on the tumbling below 1.4% to levels not seen since 2016. Its all-time yield low is 1.32%.
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