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S&P Extends Losses After Re-Opening, Down 8.5%; Europe Crashes By Most Ever

Courtesy of ZeroHedge View original post here.

Update (0950ET): US Cash markets have reopened after the 15min halt and S&P is extending losses notably…

Meanwhile, in Europe, the Stoxx 600 just crashed 10%! Its biggest daily drop ever…

And all individual European markets are down at least 9%…

This is the largest slide for the DAX since October 1989 and the biggest weekly drop for the Ibex 35 ever, on an intraday basis

It is unclear if this move is more about Christine Lagarde’s apparent disappointment or spillover from the US collapse.

*  *  *

It’s a Monday morning replay. S&P cash markets have opened down 6.7%, bounced a little, before tumbling back down to a 7% loss, triggering the first system-wide circuit-breaker, causing markets to halt trading for 15 minutes.

Where are the circuit-breakers:

During US trading hours (Cash)

  • Level 1: 7% fall to 2549.48 before 15:25EDT/19:25GMT will prompt a 15-minute pause.

  • Level 2: 13% drop to 2385.00 before said time will introduce another 15-minute pause.

  • Level 3: 20% decline to 2193.10 within the time will shut the markets

NOTE: Only the 20% rule applies to the final 35 minutes of trading.

During US trading hours (Futures)

  • Level 1: 7% fall to 2546.50

  • Level 2: 13% drop to 2382.00

  • Level 3: 20% decline to 2190.00


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