Source: MarketWatch
U.S. stock futures pointed to another monumental beating on Friday - with a leading contract falling as much as rules allow — as a plunge in Asia reignited concerns about the health of the global economy.S&P 500 futures dropped 60 points to 855.20 and Nasdaq 100 futures fell 82.5 points to 1,171.00. Dow industrial futures were walloped by 546 points.
The drop on the S&P 500 contract was so much that it reached pre-specified limits that can’t be broken until pit trading opens. The Nasdaq and Dow contracts were trading just above their limits.
Thursday’s session for U.S. stocks was erratic but generally positive, with the Dow Jones Industrial Average closing 172 points higher and the S&P 500 rising 11 points, though the Nasdaq Composite slipped 11 points.
But that wasn’t the case in Asia, where the Nikkei 225 tumbled 9.6% in Tokyo as Japanese traders got their first chance to react to Sony’s (SNE) profit warning, and the Kospi plunged 10.6% in South Korea. Europe stocks also were crushed, with the Dow Jones Stoxx 600 losing 7.4%.
“Everyone is staring at their screens in disbelief,” said Tom Hougaard, a strategist at City Index in London.
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