It's a "risk off" day - and then some - in US markets this morning after a massive shake-out overnight in Asian markets.
"The volatility index has now doubled in less than three trading days and this is a clear example that panic rather than prudence is driving traders’ thinking," claimed Alastair McCaig, at spread betting firm IG.
Meanwhile, Augustin Eden at rival spread betting firm CMC Markets says the three main drivers of the current fall-out are: China, Greece and the Fed.
Of the three, China seems to be having the most deleterious impact.
Investors have followed a sell-off in China, which saw the Shanghai Composite register its biggest one-day loss for more than eight years, down 8.5% to 3,210.
Of the three main US benchmarks, the tech-laced Nasdaq Composite was hardest hit in the first hour of trading, tumbling 3.4% to 4,546. The S&P 500 was off 3.1% at 1,909 while the Dow Jones average, although down 2.8% at 15,998, was showing signs of having hit bottom and bouncing back a little.
Consumer electronics giant Apple (NASDAQ:AAPL) was down 2.5% at US$103.20 after it confirmed the iSight camera may malfunction in some of its iPhone 6 plus smartphones.
The market is in no mood to salute news of a content partnership announced by video streaming giant Netflix (NASDAQ:NFLX).
The Californian company has partnered with SoftBank Group (OTCMKTS:SFTBF), a Japanese telecoms and internet giant, to start its video streaming service in Japan on September 2.
Computer chip behemoth Intel (NASDAQ:INTC) got of relatively lightly in the bloodbath, shedding 1.9% at US$26.05, after it said it plans to announce its lead role in a US$100 million infusion into Mirantis, the pure play open-source software OpenStack vendor.
Concerns over slowing growth have taken the shine off commodity plays, with sector giant Freeport McMoRan (NYSE:FCX) particularly hard hit, down 6.8%.
Energy firms were also getting it in the neck after Brent crude gave up about 4% to fall below US$44 per barrel in London trading, while West Texas Intermediate futures shed 4.2% to US%38.80.
Cabot Oil & Gas (NYSE:COG), down 6.9%, and Anadarko Petroleum (NYSE:APC), down 5.8%, were two of the biggest casualties.
Lastly, the inappropriately named RainDance Technologies has decided it has chosen a bad time to float on the market and has yanked its proposed initial public offering.