U.S. stock market futures fell sharply late Sunday, suggesting further losses when trading begins Monday, following the worst week on Wall Street since 2008.

Dow Jones Industrial Average futures YM00, -0.65% initially fell more than 300 points, but stabilized and were last down around 250 points. S&P 500 futures ES00, -0.87% and Nasdaq Compoosite futures NQ00, -0.86% were down around 1%.

Another painful session for global markets began Monday with a slump in equities and a slide in sovereign bond yields, as investors reacted to a much deeper decline in China’s manufacturing than expected, and the continued spread of the coronavirus.

Japanese stocks opened 1.3% lower, and S&P 500 futures slumped over 1%, with a signal from the Federal Reserve Friday that it’s open to easing policy providing little comfort. Australian and New Zealand 10-year yields set new record lows and Treasury yields slid below 1.1%. Moves did ease somewhat in currencies in early trading and oil pared its losses, while South Korea’s won climbed on strong trade data.