Futures are under pressure
US stock futures are lower in early trading on Tuesday, as major global stock indexes all sell off.
Near 7:33 a.m. ET, Dow futures were down 104 points, S&P 500 futures were down 14 points, and Nasdaq futures were down 27 points - all by about 0.6%. It looks like stocks will open the session lower, extending declines on Monday when the Dow closed down 55 points, or 0.3%.
Major global indexes were also falling. The Dax in Germany lost as many as 226 points (-2.31%), and the Euro Stoxx 5, representing 50 of the region's largest stocks, dropped 59 points, or 2%.
Investors are buying securities that are considered safe in times of market turmoil.
There's a flight into government bonds that's putting downward pressure on yields. The German 10-year Bund fell to a one-year low of 0.087%, approaching the record low of 0.049%.
The benchmark 10-year US treasury yield fell four basis points to 2.63%, after touching the lowest level since late February.
Meanwhile, the Japanese yen, also a safe-haven asset, was seeing strong buying, as the dollar fell to the lowest level in 17 months against the currency. The USD/JPY pair hit a low of 110.27.
Gold was also benefiting from the safe-haven trades, as it advanced 1.13%, or about $14 an ounce, to as high as $1,236.40.
Crude oil continued falling after a 3% drop on Monday, and hit a four-week low of $35.24 per barrel.
In stock-market news, Allergan shares plunged 20%, following news Monday that the Treasury Department is taking new steps to deal with tax inversions. Its deal with Dublin-based Pfizer was the biggest example of tax dodging yet.
Twitter shares climbed 2% premarket after reports that the company has won the rights to stream NFL Thursday night games.
Tesla was down nearly 4% after reporting first-quarter delivery numbers that missed its estimates.
In economic data, we've got the trade balance at 8:30 a.m. ET, Markit Services PMI at 9:45 a.m., and the ISM's non-manufacturing composite at 10 a.m. ET. Also at 10 is the latest JOLTS report.