Wall Street looked set to crater on Monday as fears of a coronavirus-driven recession intensified following a second emergency interest rate cut in a fortnight by the Federal Reserve.
S&P 500 futures EScv1 fell 4.77% to hit a daily down limit in early trading, and S&P 500 ETFs (SPY.P) plunged 9%, suggesting the benchmark index would set off a 15-minute cutout at 7% put in place to prevent another 1987 "Black Monday"-style crash.
