The Dow Jones Industrials was on track for its biggest daily decline in two years and the S&P 500 fell more than 3% on Monday, as investors fled riskier assets as fears about the global economic impact of the coronavirus intensified after a surge in cases outside China.
Several countries including Iran, Italy and South Korea reported a rise in virus cases over the weekend, fanning fears of a pandemic that also prompted a rush to safe-haven assets such as gold and U.S. Treasuries.