Traders work on the floor of the New York Stock Exchange.

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9:33 am: Dow opens down nearly 1,000 points

Stocks had a tumultuous open on Monday, with the Dow Jones Industrial Average dropping about 975 points. The fall in the 30-stock average is the third largest one-day point drop in the past three years. The S&P 500 and Nasdaq-100 were down by 2.3% and 4%, respectively. Alongside the market sell-off, bond yields and oil prices also fell. – Fitzgerald

9:17 am: Buffett says coronavirus is not changing his outlook on stocks, likes Apple and bank shares

Warren Buffett, chairman and CEO of Berkshire Hathaway, said Monday the recent outbreak of the coronavirus is not changing his outlook on stocks as the economy remains solid, albeit a little softer. “Business is down but it’s down from a very good level,” he said. Buffett also thinks Apple might be the “best business I know in the world,” while noting that bank stocks are “very attractive compared to most other securities I see.” For more on Buffett’s three-hour interview with Becky Quick on “Squawk Box,” click here. —Imbert

9:15 am: Volatility index spikes on coronavirus fears

Alongside the suffering stock averages, the Cboe Volatility Index, a gauge for investor fear, jumped more than 6 points above the 23 level on Monday, as investors worry about the deadly coronavirus’ impact on global growth. The VIX, a measure of the 30-day implied volatility of U.S. stocks, soared nearly 40% before the market opened.

CNBC used Kensho, a hedge fund analytics tool, to track the top exchange-traded fund performers and best sectors to hide out in during times of uncertainty. – Fitzgerald

9:05 am: Down Monday, up Tuesday?

The Dow Jones Industrial Average is set to open down 800 points on Monday as a spike in cases of the coronavirus outside of China worried investors about a dent to global growth. The S&P 500 and Nasdaq futures were down by 2.7% and 2.9%, respectively. However, a big market sell-off on Monday could mean a rebound on Tuesday, according to Bespoke Investment Group. The firm looked at large gaps down on Monday’s and how the market performed through the rest of the week and found that Tuesday normally brings a relief trade.”While performance from the open to close on the day of a big gap down was generally weak, performance on the Tuesday after was ‘very positive’,” the firm said. –Fitzgerald

8:54 am: Here are Monday’s biggest analyst calls of the day

8:32 am: Chipmaker stock ETFs fall sharply

The VanEck Vectors Semiconductor ETF (SMH) and the iShares PHLX Semiconductor ETF (SOXX) were both down more than 3% in the premarket, putting them on pace to break below their respective 50-dayy moving averages for the first time since Feb. 3. AMD, Nvidia, Micron and Lam Research led the ETFs lower in the premarket. —Francolla, Imbert

8:07 am: Gold jumps to 7-year high

Gold futures gained more than 2% to around $1,680 per ounce, reaching its highest level since Jan. 23, 2013 as investors fled riskier assets such as stocks amid coronavirus concerns. The VanEck Vectors Gold Miners ETF (GDX) gained 3.5% in the premarket, putting it on pace for its best day since Aug. 23. —Francolla, Imbert

7:55 am: Oil tumbles as coronavirus outbreak dents global growth expectations

Oil prices are following U.S. stock futures lower as concerns over the coronavirus outbreak took a bite out of global economy growth expectations. West Texas Intermediate futures were down about 4%, on pace for their worst day since Jan. 8, when they dropped 4.9%. U.S. crude also hit its lowest level since Feb. 18. Brent futures were down 4.2% and reached their lowest level since Feb. 13. —Francolla, Imbert

7:39 am: Market now sees a Fed rate cut as soon as April

As fears over the coronavirus sent stock market futures spiraling lower Monday, traders increasingly looked to the Federal Reserve for a rescue. The market is now pricing in a better than even – 53% – chance of an interest rate cut at the central bank’s April meeting, according to the CME Group’s FedWatch tool. That’s the most aggressive pricing during this cycle and reflective of how anxious Wall Street is getting over the disruptive threat the virus poses. The anticipation has gotten to the point now where traders are assigning a 39% of three cuts before the end of 2020. —Cox

7:34 am: How today’s sell-off compares to recent history

Stock futures tumbled on Monday, with the Dow set to open about 700 points lower, as spiking coronavirus cases in Italy, South Korea and the Middle East spark fears of further spread beyond China. The S&P 500 is set to drop 2.4% at the open, which would be the biggest plunge since August 2019. —Li

7:23 am: Chart analysts saw weakening market before Monday’s drop

Technical analysts saw some weak internals in this market at the end of last week, which could be why the decline Monday is a little more severe than expected. Stocks were vulnerable to a decline. “The market is becoming very narrow in terms of stocks that have outperformed the S&P 500 over the last three months,” wrote JC O’Hara, chief market technician for MKM Partners, over the weekend. “Currently, this is the smallest group of winners since the 2007 market top.” —Melloy

7:01 am: Coronavirus fears increase chances the Fed cuts interest rates

The Federal Reserve may be forced to cut interest rates this year as worries about the coronavirus keep spreading, according to an Evercore ISI note to clients on Monday. “With outbreaks of the Wuhan virus in South Korea and Italy suggesting that it may be on the brink of morphing into a global pandemic we raise our estimate of the likelihood that the Fed cuts interest rates this year to 45 per cent,” strategist Krishna Guha said. “We would rather have a vaccine than a rate cut and fully recognize that monetary policy is not optimized for addressing this type of shock,” he said. —Bloom

6:55 am: Coronavirus cases outside of China jump, spook markets

Headlines over the weekend about a surge in coronavirus cases reported outside of China dented market sentiment to start off the week. South Korea said the number of people infected now totals more than 750. In Italy, the government said more than 130 cases have been confirmed along with three deaths. Iran has also confirmed more than 40 cases and eight deaths stemming from the coronavirus. These reports sent not only U.S. risk markets tumbling; they also dragged down global markets. —Imbert

6:40 am: Risk-off mentality to markets

Stocks not directly tied to the coronavirus fears are also very weak in premarket trading as investors sell popular positions in a risk off move. Netflix shares were off 4%. Amazon, Microsoft and Disney all dropped more than 3%. —Melloy

6:27 am: Many stocks dropping on coronavirus fears

Stocks directly and indirectly hurt from the spread of the coronavirus were selling down big in the premarket. American Airlines and Delta were both down more than 4%. Carnival Corp was off by more than 6%. Las Vegas Sands and MGM Resorts were both off by 5%. Tech stocks, who could have the most to lose from a slowdown in global growth, were getting hit. Advanced Micro Devices, Micron and Nvidia were all down more than 6%. Apple was off by 4%. Global apparel maker Nike was down 4%. —Melloy

6:22 am: Dow futures tank by more than 800 points on coronavirus fears

U.S. stock futures are falling sharply on Monday morning as investors dump riskier assets amid a spike in coronavirus cases outside of China. Dow Jones Industrial Average futures were down more than 800 points. S&P 500 and Nasdaq 100 futures were down by 2.7% and 3.2%, respectively. South Korea raised on Sunday its coronavirus alert to the “highest level,” with the latest spike in numbers bringing the total infected to more than 750 — making it the country with the most cases outside mainland China. Italy has also reported three deaths related to the coronavirus and more than 100 cases. —Imbert

With reporting from Yun Li, Jeff Cox, Gina Francolla and Maggie Fitzgerald.

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