There's been another emergency rate cut.
This time, the Federal Reserve slashed rates to 0% to 0.25% ahead of its meeting on Wednesday.
When the futures markets opened, however, futures of the Dow, S&P and Nasdaq were all sharply lower.
Watch the full video above for more.
The Federal Reserve announced a shocking rate cut on Sunday, slashing rates to 0% to 0.25%.
This is the first time that the rates have been this low since 2015.
When the futures markets opened Sunday evening, the Dow futures fell over 900 points, despite the rate cut, futures have hit limit down, meaning that they fell over 5% and trading has been halted.
However, President Trump said that the markets should be “thrilled” about the rate cuts.
On top of the rate cut, the Fed announced a $700 billion quantitative easing program.
The Fed said that the coronavirus outbreak has harmed communities and disrupted economic activity.
The Fed said in its statement, and I quote, “the committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy.”
So let me take a step back and give you an update on the coronavirus.
As of Sunday evening, there are over 3,000 cases in the U.S. with the death toll crossing 62.
Worldwide, there are over 169,000 cases, with over 6,400 deaths.
And as always, we’ll bring you the latest on the coronavirus and the markets over on TheStreet.com