As we noted pre-open, S&P futures were locked limit-down 5%, but as we noted SPY was trading down 7.5% in the pre-open and now that the cash S&P 500 has opened and tumbled 7%…
it is now halted for 15mins as the first major circuit-breaker has kicked in. As a reminder:
- If the S&P 500 declines 7%, (208 points), trading will pause for 15 min
- If declines 13%, (386 pts) trading will again pause for 15 mins
- If falls 20%, (594 pts) the markets would close for the day.
Additionally, Canadian stocks are down 7% at the open, the most sicne 2008; and Brazilian stocks are down 10% at the open, triggering their circuit breaker.