S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) futures are down over 6% heading into the open after US markets were smashed overnight on COVID19 fears and lower oil prices.
S&P 500 Index (INDEXSP:.INX) closed at 2,746.56, −225.81 or down 7.60%% and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed at 7,950.68, −624.94 or down 7.29%.
Because the S&P 500 declined over 7%, whats known as a circuit breaker was triggered, resulting in a 15-minute trading halt.
There are three levels of circuit breakers, level two results in another 15-minute halt once -13% is reached and the final level results in trading being halted for the day at 20%.
Gold steady, oil and AUD remain low
Gold is up 0.50% overnight to US$1,680 per ounce while Crude Oil WTI is down 27% to US$30.15 per barrel.
The AUD flash crashed to 63 US cents but is now trading at 65.8 US cents.