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Global markets are getting slammed
(REUTERS)
Global markets are selling off on Monday morning.
US stock futures are sharply lower at the start of the week and look set to extend Friday's sell-off when trading starts.
At 7:30 a.m. ET, Dow futures were down more than 210 points, S&P 500 futures were down 35 points (or 1.85%), and Nasdaq futures were off 146 points, or 3%.
Stocks fell on Friday after we got the January jobs report, which missed on the headline with 151,000 new jobs, but which also saw the unemployment rate fall to 4.9%, and some wage growth.
Major indexes across the world were also dark red, including Greece's ASE Index, which was down nearly 6% and touched the weakest level in about 26 years.
Crude oil was also lower, with West Texas Intermediate crude in New York hitting the $30 per barrel mark, down nearly 3%. This weekend, OPEC members Saudi Arabia and Venezuela met on Sunday but there was no evidence that any definitive steps would be taken towards more meetings to talk about production levels, according to Reuters.
Meanwhile, gold continued to get a strong safety bid after Friday's rally, jumping nearly $20 an ounce, or about 1.7% to as high as $1,178. US treasuries were also rallying, and so their yields fell. The benchmark 10-year note's yield was down about 3 basis points to 1.1805%.
Stock markets in China remain closed for the new year celebrations.
There's no major US economic data on deck today, with focus this week being on Federal Reserve chairwoman Janet Yellen's semi-annual two-day testimony on Capital Hill from Wednesday. You can find our complete preview of this week's big economic events here.
More to come ...
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