US futures pinned lower ahead of North America trading

Here's a snapshot of things:

• S&P 500 futures -3.0%
• Nasdaq futures -4.6%
• Dow futures -2.1%
• Russell 2000 futures -5.3%

At one point, Nasdaq futures were down over 6% so the rout in tech shares is at least not getting much worse for now. It's a full-fledged flight to safety mode with traders chasing the usual safe havens. Bonds are bid and so is the Japanese yen and Swiss franc. Besides that, it's pretty much a sell everything else case in broader markets to start the week.

From earlier:

• Japan's Nikkei closes down by a whopping 12% to its lowest since November last year
• Volatility is back with a bang
• From soft landing to crash landing
• Poll: Is the Fed behind the curve on cutting interest rates?
• A reminder of the one thing that traders have been getting wrong since last year