The past two days were the first time in more than 20 years that the Nasdaq has erased an intraday gain of 1% and closed lower on back-to-back days, according to Bespoke.

The price action late in the day was ugly and it continued after hours . Nasdaq futures are down 157 points and S&P 500 futures are off by 30.

The big loser in the pre-market is Netflix, which is down a shocking 21, or $108 to $399 in one of the largest one-day declines in a large-cap stock ever. It's back at the same levels it traded at in June 2018. That's a troubling sign with earnings just kicking off.


Also of note is that there are massive options running off today, so that could add to volatility.