Stocks Are Tumbling, Oil Is Sinking, And Bonds Are Going Vertical

Global stock markets are sharply lower.

Italy's FTSE MIB is down 1.7%, Germany's DAX is down 1.1%, Britain's FTSE 100 is down 1.1%, and France's CAC 40 is down 1.2%. Greece is down a whopping 4.8%.

US futures are in the red, suggesting the US stock market rout isn't over yet. Dow futures are down 83 points and S&P futures are down 13 points.

Meanwhile, global bonds are surging. The 10-year Treasury yield touched a low of 2.149%.

Oil prices fell below $81 per barrel earlier today in what appears to be concerns over falling demand due to a slowing global economy.

"Crude oil markets have moved rapidly into surplus, not because of the growth in new production from the US and other, but equally importantly because of the rapid collapse of demand," Citi's Ed Morse said. "As a result, there is an emerging surplus that should weigh heavily on prices through next year."

Big oil producers like ExxonMobil and Chevron have been getting slammed while big drillers like Nabors and Transocean are down by over 30%.