(Reuters) – U.S. stocks futures slumped on Monday as a surge in coronavirus cases outside China fanned fears of a bigger hit to global economic growth, driving investors to safe-haven assets.

Gold soared to a seven-year high, while oil tumbled nearly 4% as fears of a pandemic grew after Iran, Italy and South Korea reported a rise in virus cases.

At 5:43 a.m. ET, Dow e-minis were down 759 points, or 2.62%, putting the Dow Jones Industrial Average on track to shed more than 700 points at the open.

S&P 500 e-minis were down 86 points, or 2.58%, while Nasdaq 100 e-minis were down 289.25 points, or 3.06%.