Dow futures are down by more than 500 points in premarket trading Wednesday as several European banking stocks have halted trade due to steep losses.
The U.S. stock futures fell sharply shortly before midnight Tuesday, with Dow futures eventually falling by over 500 points, or about 1.7%, by Wednesday morning at 8:00 a.m. ET, according to Google Finance.
The S&P 500 and the NASDAQ, both major indexes that are smaller than the Dow, are also down in premarket trading by at least 1.3%.
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The lower stock futures come amid steep banking losses in the European market. The trade of Credit Suisse, Societe Generale and multiple Italian bank stocks was halted due to the losses, CNBC reported.
The losses come after the collapses of Silicon Valley Bank in California and Signature Bank in New York over the weekend.
Meanwhile, the U.S. Consumer Price Index released Tuesday shows that inflation remains stubbornly high at 6% as the Federal Reserve bank raises interest rates in an effort to cool price hikes.