Dow futures plummet more than 1,200 points

(NEW YORK) — Futures on the Dow Jones Industrial Average plummeted more than 1,200 points ahead of opening on Monday over fears of global economic fallout and uncertainty over falling oil prices.

Futures on the S&P 500 and Nasdaq both tumbled 4.8%.

Saudi Arabia slashed oil prices over the weekend, triggering a price war and sending U.S. crude oil prices plunging by more than 25%.

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