Before the bell: S&P futures -2.47%, Nasdaq futures -2.22%.
U.S. stock futures slumped, indicating the Standard & Poor’s 500 Index will fall for a fourth day, amid concern about global economic growth.
Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) retreated at least 2.4 percent, pacing losses in financial shares.
The benchmark gauge yesterday had its biggest decline in one month on the Federal Reserve’s assessment that market turmoil caused by Europe’s sovereign-debt crisis is taking a toll on the U.S. economy. Stocks also fell as Moody’s Investors Service downgraded three U.S. banks.
Global stocks extended declines today on data that China’s manufacturing may shrink for a third month in September, the longest contraction since 2009, after a preliminary index of purchasing managers showed measures of export orders and output declined.