Global financial markets plunged for the sixth consecutive day on Thursday, with coronavirus fears shaving over 1,100 points off the Dow (^DJI) — its biggest in history — and sending the S&P 500 (^GSPC) swooning to its fastest-ever correction.

[Click here to see what’s happening in Friday’s stock market trading session]

“Global markets were down $1.83 trillion today, with the U.S. down $1.33 trillion,“ S&P Dow Jones’ Howard Silverblatt said in an email. He added that over the past six days, global markets erased $6 trillion in wealth with U.S. markets losing $4 trillion.

Investors took fright amid the first coronavirus case in the U.S. involving a person who didn’t travel to an infected country and didn’t knowingly interact with someone who did. Meanwhile, California’s governor said the state is monitoring more than 8,400 people who could possibly have the virus.

The virus continues to spread globally, with more than 82,000 cases and more than 2,800 deaths. The world’s biggest hot spots outside of China include Italy, South Korea, and Iran, where the death rate is higher than other hard-hit areas. Experts are becoming increasingly resigned to a worldwide spread of the disease, even as China’s new infections slow.

All of those developments hammered global markets.

The last six days saw the S&P 500 drop by 10% from its all-time high at rate faster than it ever has before, according to Deutsche Bank Securities.

*To be clear, a “correction” is characterized by a 10% decline from a recent all-time high. And so, while Black Monday (Oct. 19, 1987) saw the market crash in a single day, the peak in that cycle actually occurred two months earlier in August.

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4:00 p.m. ET: Dow drops more than 1,100 points after news California is monitoring thousands of possible cases

• S&P 500 (^GSPC): -4.42% or -137.63 points to 2,978.76

• Dow (^DJI): -4.42% or -1,190.95 points to 25,766.64

• Nasdaq (^IXIC): -4.61% or -414.29 points to 8,566.48

• Crude oil (CL=F): -4.90% or -2.39 to $46.34 a barrel

• Gold (GC=F): -0.10% or -1.60 to 1,641.50 per ounce

• 10-year Treasury (^TNX): -0.84% or -0.0110 to 1.2990

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2:55 p.m. ET: Meanwhile, in the Treasury market...

In a sign of how aggressively investors are seeking out safe-havens, the 10-Year US Treasury Yield hit an intraday record low of 1.246%, according to Tradeweb data, while the 30-Year US Treasury Yield also set a fresh record at 1.783%.

The last time yields were this low? Yesterday.

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2:05 p.m. ET: Stocks relapse on news that California is monitoring thousands of potential cases

The Golden State, which on Wednesday reported the first “community spread” case, is now monitoring 8400 people for potential coronavirus infections, according to Governor Gavin Newsom. Stocks had pared the day’s losses, but are now falling back toward session lows.

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12:35 p.m. ET: Stocks still in the red, but cut losses by more than half

Whipsaw trading in midday brings major benchmarks well off their lows: At the day’s lows, the Dow had lost nearly another 1000 points. There’s no immediate trigger point but could signal that the current selling wave may be exhausting itself (too much too soon):

• S&P 500 (^GSPC): 3,088.95, down 27.44 or -0.88%

• Dow (^DJI): 26,700.11, off 257.48 or -0.96%

• Nasdaq (^IXIC): 8,888.63, off 92.14 or -1.03%

• Crude oil (CL=F): $47.17, off $1.56 or -3.20%

• Gold (GC=F): 1,647.70. up $4.60 or 0.28%

• 10-year Treasury (^TNX): 1.3040, off -0.0060 or -0.46%

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12:15 p.m. ET: JPMorgan shaves growth forecasts, says Fed may have to go to zero

The grim news surrounding the coronavirus outbreak keeps getting uglier with respect to global growth. On Thursday, JPMorgan Chase said it would shave 0.25 percentage points off its Q2 GDP estimates (to 1.5% from 1.75%).

While it expects a rebound in the subsequent quarters, it warned the “community spread” aspect reported on Wednesday was not built into current assumptions:

Then there’s the question of monetary policy:

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11:02 a.m. ET: IMF warns on virus’ impact to global growth

Via Reuters, the fast-spreading coronavirus will clearly have an impact on global economic growth and the International Monetary Fund is likely to downgrade its growth forecast as result, a spokesperson said.

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10:40 a.m. ET: Selling intensifies, all major benchmarks deep in the red

An ugly day is getting uglier:

• S&P 500 (^GSPC): 3,024.97, down 91.42 -2.93%

• Dow (^DJI): 26,210.16, off 747.43 or -2.77%

• Nasdaq (^IXIC): 8,682.66, off 298.11 or -3.32%

• Crude oil (CL=F): 46.34, off $2.39 or -4.90%

• Gold (GC=F): $1,656.50, up $13.40 or 0.82%

• 10-year Treasury (^TNX): 1.2610, down 0.0490 or -3.74%

And the mood on Wall Street is grim: Goldman Sachs now expects no earnings growth this year at all:

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10:10 a.m. ET: Tesla, Apple fall hard as China/virus fears bite

The darling of the electric vehicle market (TSLA) is getting the business end of investor coronavirus fears — as Apple (AAPL), the world’s most prominent consumer brand.

Tesla’s stock is tumbling by over 8% and Apple is down by nearly 6%, in what’s shaping up to be another ugly day on Wall Street. It underscores the risks associated with a multinational that is heavily reliant on China for manufacturing and demand: Both companies have major production facilities in the Middle Kingdom, and for Apple, China is a big market for iPhones.

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9:55 a.m. ET: Door Dash to test the IPO waters

Softbank-backed food delivery app DoorDash has confidentially filed paperwork to go public, making it the latest startup to try and test the market. Two things to consider:

1. DoorDash is entering a very crowded food delivery space (UberEats, Postmates, Caviar, Seamless/GrubHub, et al) that’s getting more cutthroat by the day;

2. With coronavirus fears not likely to abate soon, it’s a less than ideal time for any company to float an offering.

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9:45 a.m. ET: US outbreak would ‘almost inevitably cause a recession’

The global supply chain is arguably the biggest wild card in estimating whether the coronavirus will trigger a global downturn.

With that in mind, Paul Ashworth, Capital Economics’s top US economist, has a ray of sunshine take. The firm thinks there’s a “modest” 10% chance of a recession over the next 12 months with domestic data so healthy, but then there’s this:

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9:30 a.m. ET: Stocks plunge at the opening bell

Wall Street’s five-day selling wave continues unabated, as the coronavirus crisis takes on a life of its own amid soaring infection rates outside of China. Investors are selling virtually everything in sight, driving major benchmarks down around 2%.

Here’s where the markets stood when trading began:

• S&P 500 (^GSPC): 3,051.23, down 65.16 or -2.09%

• Dow (^DJI): 26,445.40, down 512.19 or -1.90%

• Nasdaq (^IXIC): 8,732.37, down 248.40 or -2.77%

• Crude oil (CL=F): -4.70%, or $2.29 to 46.44

• Gold (GC=F): $1,654.70, up $11.60 or +0.71%

• 10-year Treasury (^TNX): 1.264 down -0.046 or -3.52%

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7:55 a.m. ET: ‘The battle has been lost’: Here’s why China, HK rallied

After weeks of relative complacency, investors are now aggressively pricing in the possibility of a worldwide spread of the coronavirus. Ah, some might ask, but why did China and Hong Kong markets rise (Tokyo, South Korea and Taiwan all shed at least 1% in offshore trading)?

In a note to clients, Bannockburn Global Forex’s Marc Chandler hits the nail on the head:

Peter Boockvar at Bleakley Advisory Group was of the same mind:

The coronavirus has been forcing multinational companies to assess the potential negative impact on their businesses. Wednesday evening, tech giant Microsoft (MSFT) warned that it would likely miss its revenue forecast for its personal computing business due to the illness, pushing its shares 3% lower in pre-market trading Thursday.

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7:25 a.m. ET: Stock futures sink; Dow futures fall 250 points

U.S. stocks futures were pointing to a lower open Thursday, following European stocks lower after the U.S. reported its first case of “community spread” coronavirus.

Here were the main pre-market moves, as of 7:25 a.m. ET:

• S&P 500 futures (ES=F): 3,082, down 28.25 points or 0.91%

• Dow futures (YM=F): 26,659, down 255 points or 0.95%

• Nasdaq futures (NQ=F): 8,770.25, down 80 points or 0.90%

• Crude oil (CL=F): $47.55 per barrel, down $1.18 or 2.42%

• Gold (GC=F): $1,651 per ounce, up $7.90 or 0.48%

The Centers for Disease Control and Prevention (CDC) confirmed the first U.S. case of coronavirus from unknown origin in Northern California. The agency said that it is unclear how the patient contracted the virus, because there is no travel history or exposure to an infected individual.

The new case in the U.S. comes after President Donald Trump held a news conference Wednesday evening addressing the coronavirus. Trump noted that the risk to the U.S. was “very low” and announced that Vice President Mike Pence would lead the U.S. response to the outbreak. The president also mentioned the stock market and said that markets should comeback from their recent rout.

There are over 82,500 cases of coronavirus worldwide and more than 2,800 deaths, as of Thursday morning. At least 47 countries are affected by the virus globally, and while South Korea is still the most heavily affected outside of China, other countries are beginning to take serious measures. Japanese Prime Minister Shinzo Abe ordered that all school remain closed through March.

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