The Bleeding Has Stopped

As of right now, the market bleeding seems to have stopped. There isn't much of a "bounce" to be seen anywhere, but the rout in global and developed markets is on hold. This is despite the fact that Apple whiffed pretty hard after the US market closed yesterday. The good news for bulls is that outside of Apple-related companies this hasn't prompted a new wave of nervousness.

Emerging market currencies have stabilized, in part as traders wait for tonight's emergency meeting of Turkey's central bank. A huge rate hike is expected in order to stem the decline of the Turkish lira.

Meanwhile, European stocks are slightly higher, and US futures (excluding NASDAQ-futures, which are dragged down by Apple) are higher as well.