Stock futures are limit down (S&P futures -52.80, Nasdaq futures -75.50). The tone in premarket action is decidedly negative. Dow and S&P futures are currently limit down, which is a mechanism to prevent stock futures from falling any further until the market opens. London's FTSE has shed more than 7% Friday, while France's CAC and Germany's DAX have dropped in excess of 8%. Hong Kong's Hang Seng is also down more than 8%, and Japan's Nikkei is down more than 9%.
Oil futures are currently down 7% to roughly $63 per barrel.
In corporate news, Microsoft posted upbeat revenue and earnings per share results, but issued downsided guidance. Fortune Brands announced better-than-expected earnings per share results despite a drop in revenue.