- Fresh tremors are hitting global markets as a cautious tone from the Federal Reserve and another fall in crude prices fuel anxiety about the world economy.
- "Financial conditions in the United States have recently become less supportive of growth," Fed Chair Janet Yellen said Wednesday, highlighting risks that could delay the central bank's plans for raising rates.
- So what's happening out there? Investors are piling into safe havens such as gold and government bonds, while dumping U.S. dollars and selling off equities.
- Yellen also returns to Capitol Hill this morning for a second day of testimony.
- Gold +2% to $1218 an ounce; 10-year treasury yield -8 bps to 1.62%
- Asia: Japan closed. Hong Kong -3.9%. China closed. India -3.6%
- Europe: London -2.6%. Paris -3.7%. Frankfurt -2.9%.
- U.S. futures: Dow -1.8%. S&P -1.8%. Nasdaq -2.1%.