Before the bell: S&P futures -28.25, Nasdaq futures -49.50
A sell-off among the major global averages has weighed heavily on premarket trade, such that the stock market is expected to open with a loss in excess of 2%. Data hasn't done anything to sway sentiment, initial jobless claims moved back above 400,000 and overall CPI increased at a sharper-than-expected clip during July, and meaningful corporate announcements have been lacking. The negativity has taken told prices up 1.5% to a new record above $1820 per ounce, but oil prices have dropped 3.5% to $84.50 per barrel. Want for safety has also favored Treasuries and the US dollar.