Wall Street did not seem reassured by the Federal Reserve's dramatic actions Sunday to contain the economic damage from the new coronavirus pandemic, falling sharply in trading ahead of Monday's official open.

The Dow Jones Industrial Average "mini" index lost 1,000 points or 4.5 percent in futures trading.

The broad based S&P 500 mini index and tech-dominated NSADAQ each dropped more than 4.5 percent.

The Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase more Treasury securities to encourage lending to try to offset the impact of the coronavirus outbreak.

The central bank said the effects of the outbreak will weigh on economic activity in the near term and pose risks to the economic outlook. The central bank said it will keep rates at nearly zero until it feels confident the economy has weathered recent events.

In a statement, the central bank said it was cutting rates to a target range of 0% to 0.25%.