US stock index futures tumbled so sharply today they had to be frozen at several points as global markets tumbled on signs the global economy is in the throes of recession.
Stock markets were in freefall around the world as panicked investors moved to liquidate risky positions. Japan's Nikkei index ended down 9.6 per cent and European shares lost 8 per cent.
By 7am in New York (12pm Irish time) December Dow Jones futures were down 6.3 per cent, Standard & Poor's 500 futures were off 6.6 per cent and Nasdaq 100 futures were down 6.8 per cent.
All three contracts lost the maximum amount permissible before the start of futures trading in the United States.
Both the New York Stock Exchange and Nasdaq said trading would open as normal at 9.30am (2.30pm Irish time).
"The markets are basically following grim news that's coming out of the global economy ... It's basically feeding on itself," said Peter Cardillo, chief market economist at Avalon Partners in New York.
"It's just a question of right now the markets are in the process of discounting a global recession and how severe it's going to be."
According to Reuters data, December S&P futures hit a low of 855.20, while Dow Jones futures touched a low of 8,224 - the lowest levels at which both contracts could trade in a session. The Nasdaq fell to 1,168.50.
Jeremy Hughes, a spokesman for the Chicago Mercantile Exchange in London, said both contracts were "limit down."
Reuters