Strap in. Hold tight. Brace for impact.
Choose your favorite hackneyed phrase. It's shaping up to be another nervous day for investors.
As the Associated Press writes, "futures pointed to a lower open Friday, a day after major indexes posted their steepest drops in more than a year and pushed the market to 'correction' mode."
Or, as NPR's Paul Brown said on the network's newscast this morning, "the question for investors today (is) whether there will be another flameout in U.S. stock markets after a drop into correction territory":
According to Reuters, "stocks slid further around the world on Friday on fears Europe's debt crisis and tougher financial regulation will hurt a global economic recovery, as Germany prepared to vote on a massive standby package to stabilize the euro."
Looking back at yesterday, The Wall Street Journal says that:
"There was no one particular piece of news that drove Thursday's market swoon. Instead, investors said it was an accumulation of worrisome developments, primarily out of Europe, where officials are struggling to convince the market they have the Greece crisis under control. Worries mounted that the troubles may spread beyond Europe to stymie growth elsewhere. And China's effort to tighten monetary policy has made investors increasingly nervous about growth slowing in that country."
Planet Money explains the markets over here.