Trading on futures on the S&P 500 was automatically halted on Sunday night following a drop of five percent, the MarketWatch said.
The trading will be renewed on Monday. Earlier reports said that the futures fell more than four percent. On Sunday night futures on the S&P 500 were at 2,818.75.
Futures on the S&P 500 Index sank 5% to 2,819, hitting a limit. The market can’t trade at a lower price for the remainder of the night. pic.twitter.com/4AJgoqdoVb— Michael Pavuk 🇺🇸 (@Mike83236577) March 9, 2020
The CME Group said trading in the instruments continued, "as designed", despite future contracts on the US stock market reaching their down limit.
US West Texas Intermediate (WTI) and international benchmark Brent crude futures fell over 20 percent in Sunday night trading, following the failure of the OPEC+ to strike an oil supply cut deal.
On Thursday, the Dow Jones Industrial Index dropped 900 points over coronavirus fears after California declared a state of emergency over the coronavirus outbreak.
In the United States, the new coronavirus has infected more than 500 people, according to social media, and the death toll stands at 28. Eight states, including New York, Washington, and Florida, have already declared a state of emergency.
Globally, as COVID-19 has affected more than 105,000 in 101 countries, according to the WHO, governments around the world are taking preventive measures to contain the spread of disease.