Dow futures sink more than 1,000 points and oil prices plummet amid coronavirus

Dow futures have dropped more than 1,000 points, CNN reported Sunday afternoon.

As the coronavirus is locking down businesses, schools, and other public spaces, the market appears to be reacting. The hospitality industry is already one of those being hurt by the outbreak. Italy typically has 15 percent of its economy coming in from tourism, and they see a dramatic decrease in travel to the country, particularly northern regions.

Sunday afternoon, the State Department issued a warning to anyone that has any underlying health issues should stay off of cruise ships.

Already, the Federal Reserve has dropped interest rates in an attempt to calm the markets amid coronavirus panic. Grant Thornton chief economist Diane Swonk explained that she anticipates interest rates will be at 0 percent soon.

Falling oil prices don't necessarily mean the same thing as a tumbling stock market, she explained. As Saudi Arabia and Russia "play a game of chicken" over oil prices, it's creating a price war. Normally that would be something to benefit consumers, but in this case, she explained it isn't.

"We desperately need fiscal policy to bridge big disruptions for people -- some people not able to earn money. Some people without sick leave -- as we deal with the crisis here in the U.S.," said Swonk.

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