The major futures indexes are indicating a drop of almost 5 percent when trading begins on Wall Street.
At one point, the stock fall triggered a halt in trading after a 5 percent drop.
Asian stock markets plunged Monday after global oil prices nosedived on worries a global economy weakened by a virus outbreak might be awash in too much crude.
Tokyo's benchmark tumbled 5 percent, while Hong Kong was down at least 4.2 percent. China's Shanghai Composite was off 3 percent.
In Europe, London's FTSE wad down 6.8 percent, Germany's DAX fell 6.6 percent and France's CAC dropped 7 percent.
Oil prices are plunging amid concern a dispute among producers could lead a global economy weakened by coronavirus to be awash in an oversupply of crude.
Currently, Brent crude, the international standard, was down $9.41, or 20.7 percent, to $35.90 per barrel in electronic trading in London. Benchmark U.S. crude fell $9.00, or 21.8 percent, to $32.27.
The dramatic losses follow a 10.1 percent drop for U.S. oil on Friday, which was its biggest loss in more than five years. Prices are falling as Saudi Arabia, Russia and other oil-producing countries argue how much to cut production in order to prop up prices.
Markets already were troubled by the potential impact of the virus outbreak that began in China and has disrupted travel and trade.
Two members of Congress, Sen. Ted Cruz and congressman Paul Gosar, say they are isolating themselves after determining they had contact at a political conference with a man infected with the coronavirus.
Cruz says he had brief contact with the man at the Conservative Political Action Conference nearly two weeks ago and would spend the next few days at his home in Texas until a full 14 days had passed since their interaction.
Gosar says he had sustained contact with the man at CPAC and that he and three members of his senior staff are under self-quarantine. The office of the Arizona Republican will be closed for the week.
Italy on Sunday tried to quarantine a region holding more than a quarter of its population in hopes of corralling it.
The virus has infected more than 100,000 people and killed more than 3,400 globally, although most people who have contracted the virus since December have now recovered.
The Associated Press contributed to this article.