10 things you need to know before the opening bell

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Here's what you need to know before the markets open.

1. 'Punched in the face': Oil, stocks, bond yields, and bitcoin plunge after crude producers signal a brutal price war. "Russia punched investors in the face as it refused to follow OPEC with further production curbs to match the slump in oil demand caused by the coronavirus breakout."

2. 'A global recession is inevitable': Analysts warn of 'utter carnage' as oil crashes and global stocks tumble. "This will be remembered as Black Monday."

3. The entire US yield curve plunged below 1% for the first time ever. Here's why that's a big red flag for investors. "It signals the market is worried about a global recession and aggressive monetary easing by the Fed."

4. Oil is down 21% after its biggest drop in decades, following Saudi price cuts that sparked a race to the bottom with Russia. Saudi Arabia plans to offer deep discounts on crude after Russia refused to join it and other producers in cutting output in response to coronavirus.

5. Goldman Sachs cuts Brent forecasts to $30. The bank slashed its second- and third-quarter forecasts for the oil-price benchmark, citing coronavirus and the brewing price war between Russia and Saudi Arabia.

6. Gold jumps past $1,700 level for first time in seven years. The precious metal's price rose as coronavirus fears and worries of an oil-price war sent investors scurrying for safe havens.

7. Japan will boost special financing for coronavirus-hit firms to $16 billion. The figure, detailed in a government document viewed by Reuters, is more than triple the amount previously announced.

8. Stocks have tanked. European equities dropped with Germany's DAX down 7.4%, Britain's FTSE 100 down 7%, and the Euro Stoxx 50 down 7.7%. Asian indexes slumped with China's Shanghai Composite down 3%, Hong Kong's Hang Seng down 4.2%, and Japan's Nikkei down 5.4%. US stocks are set to open lower with futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq down by 4.8% to 4.9%.

9. There's a raft of earnings out. Casey's General Stores and Abcam are reporting.

10. It's a quiet day for data. Two Treasury bill auctions are the highlights.