Futures are getting slammed and oil just made a new six-year low

Good morning!

The same story in the markets from Monday is playing out again early on Tuesday with US stock futures lower and crude oil breaking to a new six-year low.

Near 7:40 am ET, Dow futures were down about 155 points, S&P 500 futures were down 19 points, and Nasdaq futures were down 48.

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West Texas Intermediate crude oil prices, the US benchmark, were also off another 0.7% to around $37.40 a barrel.

WTI fell about 5% on Monday as markets digested news last week that OPEC — the 12-member oil cartel ostensibly led by Saudi Arabia — announced to change to its production targets on Friday.

Each new low in WTI will now mark a new post-crisis low until the daily closing low of $30.28 made on December 23, 2008.

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Among the stock movers pre-market was Chipotle, which fell last night after news that students at Boston College had gotten sick after eating at a location near campus.

This news comes after Chipotle has endured a tough month as an E. coli outbreak in a number of states has been linked patients eating at the restaurant in the week before falling ill.

The economic calendar is quiet, with the NFIB’s small business optimism index falling to 94.8 from 96.4, and the latest JOLTS report due out at 10:00 a.m. ET.

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