NEW YORK/TOKYO -- U.S. stocks ended a brutal session Monday down more than 3% as investors worried about the global economic impact of coronavirus outbreaks rapidly spreading beyond China.
The Dow Jones Industrial Average plunged 1,030 points, or 3.6%, to close with its biggest one-day decline in two years.
The broader S&P 500 index and the tech-heavy Nasdaq both fell more than 3%, following European and Asian shares in a global sell-off after Italy and South Korea reported surges in infection cases.
Airlines were among the hardest hit, with American Airlines down more than 8% and Delta Air Lines falling 6%. Virus-related travel declines now threaten Asian carriers' viability.
Technology stocks were not immune to the sell-off. Apple, Microsoft, Intel and Qualcomm all tumbled more than 4%.
As investors showed concerns over the virus' impact on economic activity, money moved into gold and U.S. Treasuries, sending long-term interest rates as low as 1.36%.
Dave Lutz, head of exchange-traded fund trading at JonesTrading, said markets were witnessing a "flight to quality" in assets.
The Shanghai Composite Index fell 0.3%, while Hong Kong, Taiwan and Singapore benchmarks dropped 1.2% to 1.8%.
The Japanese market was closed for a holiday. But futures were pointing to a decline of 1,060 yen, or 4.5%, as of 8 p.m., before U.S. markets opened.
"The Nikkei Stock Average could fall below 22,000 this week," said Tetsuro Ii, president of Tokyo-based Commons Asset Management, compared with Friday's close of 23,386.