Markets shuddered Monday in the face of a price war for oil and the economic fallout from the coronavirus outbreak, with frightened investors seeking shelter in the safety of government bonds and propelling yields to unprecedented lows.

Futures tied to the Dow Jones Industrial Average index retreated 4.9%, pointing to a decline of over 1,200 points in the blue-chips gauge after trading opens in New York. The futures contracts earlier hit the 5% maximum allowed in a single session, breaching the limit for the first time since shortly after President Trump’s 2016 election victory.