US stocks look set to open lower while stocks in Europe and Asia were also selling off in a rough start to the week for markets.
Near 7:50 am ET, Dow futures were down about 50 points, S&P 500 futures were off 4, and Nasdaq futures were down 14. On Friday, stocks in the US got crushed as the Dow fell more than 300 points while the S&P 500 lost 1.9% and the Nasdaq fell 2.2%.
The price of crude oil was also making new lows, with West Texas Intermediate crude oil, the US benchmark price, falling below $35 a barrel for the first time in seven years after dropping as low as $35.19 a barrel on Friday evening.
On Monday morning in Europe, stocks were down 1% in Germany while the Euro Stoxx 50 index was was down 0.9%.
Overnight, stocks in Japan lost 554 points, or nearly 3%.
Markets widely anticipate that the Federal Reserve will elect to raise interest rates on Wednesday, the first rate hike in over nine years. Ahead of this regime change from the Fed, which has kept rates near 0% since December 2008, credit markets are getting particularly jittery.
Combined with these concerns about Fed policy are worries about the strength of some oil-related high-yield debt issuers.