U.S. markets were poised for steep declines Thursday, extending the week's rout, after the first confirmed coronavirus case in the United States that could not be linked to foreign travel.

As of 8:30 a.m., Dow futures were down roughly 400 points, about 1.5%. The Standard & Poor's 500 and Nasdaq composite were both pointing to declines of at least 1.3%. The Dow Jones industrial average has lost more than 2,000 points this week alone and is down 8% from its Feb. 12 record high.

"Since setting an all-time high on Feb. 19, the S&P 500 has exhibited the glide path of a crowbar by dropping 8% in only five trading days," said Sam Stovall of CFRA Research. "Cascading concerns over the spread of the coronavirus pandemic, combined with the apparently inappropriate level of concern and response by U.S. authorities, is adding pressure to today's premarket activity."

Global markets have also shuddered this week as the outbreak continues to spread beyond China, threatening the world's supply of goods manufactured and produced in Chinese factories. Japan's Nikkei was down more than 2% as many Japanese schools were closed through early April.

Stocks in Europe were red across the board. Britain's FTSE dropped 1.9% and Germany's DAX sank 2%. In Italy - the country with Europe's weakest economic growth in 2019 - Prime Minister Giuseppe Conte this week said the economic blow could be "very strong."

The outbreak has been met with inconsistent messaging from the Trump administration. President Donald Trump is highly concerned about the stock market and is urging aides not to discuss the outbreak in ways that could rattle the economy further. Late Monday, top White House economic adviser Larry Kudlow said that investors should consider "buying these dips" in the market.

Still, analysts point to stark underperformance in oil, travel and leisure sectors, plus industries dependent on Chinese supply chains.

"If you're looking for something to worry about, take your eyes off the stock ticker tape and look instead at the bond and oil markets," said Ed Yardeni, president of Yardeni Research. "They continue to flash warning signals about the economy's strength. And stock investors might be well served by watching them to confirm that any rally has legs."

When the coronavirus outbreak first surfaced in the Chinese city of Wuhan, analysts initially sized up any potential hit to the global economy based on the 2002 SARS outbreak. But in the nearly 20 years since, the Chinese economy has become much more substantial and intertwined, triggering extreme uncertainty for economies and businesses worldwide.

"Every day we think we could be near a bottom, and every day we are not," Cowen analyst Helane Becker wrote in a note early Thursday. "Today, there were more reports of the virus showing up in places like Croatia, France, Germany, Austria, Greece and elsewhere. Borders are lines on a map. The virus has spread, and the question is how much do people change their travel plans."

Coronavirus's rapid spread continues to raise the specter of a global pandemic. South Korea announced 505 new cases on Thursday, bringing its total to 1,766, including a U.S. soldier stationed on the peninsula. Iran reported 245 confirmed cases and a death toll of 26. Religious pilgrimages in Saudi Arabia have been halted and Tokyo's plans to host the 2020 Olympics hang in the balance.

Even so, President Donald Trump struck an optimistic tone Wednesday evening during a White House news conference. Trump said the risk to America was "very low" and that the outbreak would swiftly be contained. Trump announced that Vice President Pence will lead the administration's response to the outbreak.

"We've had tremendous success, tremendous success beyond what many people would've thought," Trump said. "We're very, very ready for this."

But immediately following Trump's comments, Health and Human Services Secretary Alex Azar and Centers for Disease Control and Prevention Principal Deputy Director Anne Schuchat warned Americans to prepare for the number of cases to grow.

"We can expect to see more cases in the United States," Azar said.

"We do expect more cases," Schuchat said.