European markets are called to open negative this morning.
Asian stocks fell the most since March, extending a global rout, and the region’s bonds gained, while commodities dropped for an eighth day amid concern the U.S. economic recovery is petering out.
Stocks plunged Thursday in their single worst day since the 2008 financial crisis.
The Dow tumbled 512 points — its ninth deepest point drop ever — as fear about the global economy spooked investors.
“The conventional wisdom on Wall Street was that the economy was growing — that the worst was behind us,” said Peter Schiff, president of Euro Pacific Capital. “Now what people are realizing is the stimulus didn’t work, and we may be headed back to recession.”
U.S. markets were already sharply lower on widespread worries, including the weak job market. But the selling gained momentum as Japanese and European policymakers stepped in with dramatic measures to shore up their financial markets.
Events this week
Friday — The week culminates with the Labor Department’ July jobs report, which comes out at 8:30 a.m. ET.
Outside of the government’ non-farm payrolls report, investors will also have earnings from Dow member Procter & Gamble (PG, Fortune 500) as well as the Washington Post Co.and Viacom.