Global stocks are falling and bond yields are sinking after the implosion of a critical oil alliance caused crude prices to crash to historic lows.
S&P 500 (SPX) futures plunged as much as 5% Sunday evening, triggering a limit that prevents futures from trading below that mark. Dow (INDU) futures fell more than 1,200 points, or about 4.9%. Nasdaq Composite (COMP) futures were down 4.8%.
The sell-off carried over into Asia Pacific, where Australia's S&P/ASX 200 dropped 6.3% on Monday, putting the index on pace for its biggest plunge since October 2008. Japan's Nikkei 225 (N225) sank 5.6%, heading for its lowest close in more than a year.
