It will still be a rough start
Here's a reminder that selling has hit at the US equity open in 8 of the past 10 trading days. Notably, on most of those days, futures were flat or higher so it's a different playing field today.
S&P 500 futures are down 67 points and Dow futures off by 587. That's a rough start by any measure but the 1.5% decline is still a full percentage point better than what's unfolding in Europe and only half the 3.3% decline in Hong Kong.
In the past 30 minutes risk trades have done better across the board. Commodity FX has turned higher and AUD/USD is at the best levels since early in Europe.
I expect plenty of twists and turns today. The Fed is certainly getting a cautious message ahead of this week's meeting.