US stocks are cratering

Stocks are rolling back over.

After opening deep in the red and then bouncing back, stocks have started to nosedive and were making fresh lows near 1:10 p.m. ET.

The Dow was off more than 290 points, the S&P 500 was down 35 points, and the Nasdaq was off 109.

Earlier this morning Dow futures had been off as many as 370 points, S&P 500 futures were down 43 points, and Nasdaq futures were down 126.

This decline comes a day after US stocks sold off Wednesday, with the Dow falling 252 points and the S&P 500 closing below 2,000. Stocks in Europe were also getting whacked on Thursday.

Crude oil had earlier broken to new lows on Thursday, with West Texas Intermediate crude falling another 4% to trade as low as $32.10, breaking the floor of $32.80 hit during the financial crisis to mark a 14-year low for the commodity. Brent crude, the international benchmark, was off nearly 4% to trade as low as $32.17 a barrel.

Following report that Saudi Arabia’s state-owned oil giant Saudi Aramco could be thinking about an IPO, oil prices rallied and were sitting unchanged near 11:00 a.m. ET.

Overnight, stocks in China closed early for the second time this week after falling by 7% in just 15 minutes of trading. Chinese stocks were similarly halted Monday morning.

This halt in trading followed yet another weaker fix for China’s yuan, which is pegged against the dollar. The currency has continued to weaken as the US dollar has rallied and concerns about China’s economy abound. A weaker currency helps make an exporting country, like China, more competitive.

China’s stock market regulator said on Thursday, however, that it would suspend the circuit breaker rule that had halted stocks.

Data for Thursday is light in the US, with only initial jobless claims crossing the wires. Claims last week fell 10,000 to 277,000, right around what was expected by economists.

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