(CNN) — Stock prices briefly dropped during premarket trading Monday evening. The after-hours dip followed a massive sell-off Monday prompted by coronavirus fears and an oil price war, which raised questions about whether a recession could be imminent.
However, stock prices began to recover and entered positive territory after President Donald Trump discussed some possible recovery mechanisms at a White House briefing Monday evening.
Dow futures initially fell as much as 267 points, or more than 1%, but later recouped those losses. They were last up more than 200 points, or about 0.9%. The index had ended the day with its biggest point drop in history, closing Monday down 2,014 points, or 7.8% — its worst day since the 2008 financial crisis.
The Nasdaq and S&P 500 futures both fell as much as 1% Monday evening, but also regained ground. Nasdaq futures were last up about 1%, while S&P 500 futures were up about 0.88%.
The bounce-backs came after Trump said he would press lawmakers to enact a payroll tax cut and ensure assistance is available to hourly workers amid a roiling coronavirus pandemic that’s caused deep economic concerns and stock market shock.
Trading was briefly halted Monday morning after stocks fell 7% and triggered an emergency response measure.
All three indexes are now nearly 20% below their most recent highs, which is the definition of a bear market. If stocks fall further when the market opens on Tuesday, they will have slid from record highs to a bear market in a matter of weeks.
The coronavirus outbreak is hammering markets, and broader economies, in the United States and around the world. The number of cases globally has now topped 100,000, with at least 616 cases and 22 deaths in the United States as of Monday afternoon.
Italy’s Prime Minister announced that as of Tuesday morning, the entire country will be on lockdown as cases of the virus rise, extending strict travel restrictions and bans on large gatherings.
At the same time, oil prices suffered their worst day since 1991 after Saudi Arabia shocked the market by launching a price war against onetime ally Russia. US oil prices dropped as much as 34%, ending Monday at a four-year low of $27.34 a barrel.
CNN’s Anneken Tappe and Matt Egan contributed to this report, which was first published on CNN.com.
