Stocks Are Getting Crushed Again

Stocks have given up all of their early gains and are quickly turning negative in late morning trade on Tuesday.

Near 11:35 am ET, the Dow was down 119 points, the S&P 500 was down 13 points, and the Nasdaq was down 45 points.

The major averages opened higher as they looked to recover at least a portion of their heavy losses from Monday, when all the indexes fell more than 1.5% and the Dow fell 331 points.

Oil was tumbling again, falling below $49 for the first time since April 2009 after breaking $50 for the first time in more than five years on Monday. On Tuesday, WTI hit a new low of $48.17.

Treasury yields were also busting lower, with the US 10-year yield falling below 2% for the first time since the "flash crash" of October 15. Meanwhile government bond yields in Germany were hitting all-time lows, and yields around the world just won't stop falling, as the yield on US, Japan, and the UK's government bonds hit collective record lows. 

It was a rough morning for US economic data as well, with service sector readings from Markit Economics and ISM missing expectations for December, while November factory orders data also disappointed. 

And as if there wasn't enough negative news, Bill Gross of Janus Capital released his latest investment outlook and said that in 2015, most asset classes will see negative returns. 

Gross writes: "When the year is done, there will be minus signs in front of returns for many asset classes. The good times are over." 

Here's the quick reversal and drop in stocks, which is accelerating in late morning trade.