Despite a big bounce Friday and the Federal Reserve slashing interest rates to zero Sunday, U.S. markets cratered soon after, hitting the limit down before sliding further in premarket trading Monday morning, plus stocks to watch today in the Money & Markets Opening Bell.

The Market Open

Just two minutes into the start of the trading session, the S&P 500 plunged 8%, triggering a “circuit breaker,” halting trading for 15 minutes.

At the same time, the Dow fell 9.7% and the Nasdaq Composite was down 6.1%.

The Top Story

On Sunday, the Federal Reserve implemented a new round of quantitative easing and dropped its benchmark interest rate to zero.

The new Fed program includes buying $700 billion worth of Treasurys and mortgage-backed securities as a way to bolster the economy against the effects of the coronavirus. All three major U.S. indexes are have been in a bear market since last week.

What happened: The Fed took action along with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank to enhance dollar liquidity through swap arrangements. Those arrangements included lowering rates on swap line loans and extending the period for those loans.

How have markets responded?: Not good. The Dow Jones Industrial Average hit a ‘limit-down’ Sunday afternoon while the S&P 500 dropped 5% early Monday morning. As of 8 a.m. EDT, Dow futures were down 4.5%. S&P 500 futures were off 4.8% and Nasdaq Composite fell 4.5%.

What that means: It signals a big dead cat bounce as markets look to slide after Friday’s monster rally. It further points to the fact that the market downturn is not going to be solved by central bank moves.

Stocks to Watch Today

United Airlines Holdings Inc. (Nasdaq: UAL) — The airline giant announced it was cutting its capacity by 50% and it projects revenue in March to be $1.5 billion lower than a year earlier. Shares of United were down 18.3%.

Moderna Inc. (Nasdaq: MRNA) — Shares of the Massachusetts-based biotech company were up 3.3% after government officials confirmed the company would begin a clinical trial for a vaccine to combat the coronavirus today.

Apple Inc. (Nasdaq: AAPL) — Already slammed by the coronavirus, shares of Apple tumbled 12.2% in premarket trading after French authorities announced a $1.2 billion fine for the technology giant, citing antitrust issues (see below).

News You Can Use Inc. (Nasdaq: AMZN) is trying to bring Walmart Inc. (NYSE: WMT) and Target Corp. (NYSE TGT) into the cashierless technology fold.

But according to The Wall Street Journal, neither company is so far buying what Amazon is selling.

Software developed by Amazon allows for stores to operate without cashiers — already implemented at the company’s “Go” stores. Amazon is looking to offer the technology in an “open source” environment where companies like Walmart and Target can use the software without connecting to Amazon.

Apple Fined $1.2 Billion By French Antitrust Authorities

Citing building out cartels in its distribution network, French antitrust authorities fined Apple Inc. (Nasdaq: AAPL) $1.2 billion for “anti-competitive behavior.”

The French Competition Authority said it was the largest penalty ever handed down in one case, according to CNBC.

“Apple and its two wholesalers agreed not to compete and prevent distributors from competing with each other, thereby sterilizing the wholesale market for Apple products,” Isabelle de Silva, President of the French Competition Authority, said in a statement.

Oil Drops 6% to Break Below $30

West Texas Intermediate crude dropped more than 6% in the early morning hours after dropping more than 20% last week.

Brent crude fell 8.5% to trade at $31.01 per barrel while West Texas crude was trading at $29.67 per barrel — further hammering already dropping demand.

What We’re Reading

Bear Market Panic: Stocks Hit Hardest By Coronavirus (Money & Markets)

The Coronavirus Has Devastated China’s Economy. The ‘Nightmare’ Isn’t Over (CNN Business)

What Should I Do With My 401(k) Amid the Coronavirus Crash? Don’t Panic (Money & Markets)

Earnings Report

Here are the companies releasing earnings reports today:

Allied Esports Entertainment Inc. (Nasdaq: AESE)

FuelCell Energy Inc. (Nasdaq: FCEL)

Genesis Healthcare Inc. (NYSE: GEN)

Townsquare Media Inc. (NYSE: TSQ)

Xpel Inc. (Nasdaq: XPEL)

Check back each morning before the opening bell for stocks to watch today with Opening Bell, here on Money & Markets.