It's not a pretty picture in the premarket, with S&P 500 futures down 30 points, or 0.75%.
At the equity open, watch out for comments from the Fed's Bullard. If he sticks with his push for a hawkish Fed then it could sour the market further.
The market is pricing in 2 bps of hikes in May, or about a 90% chance of no change. For June, there are 16 bps of cuts priced in, which points to a market that thinks economic data is about to take a serious dive.
Eyes are on European banks today, and particularly Deutsche Bank, which is down 6.8%. It's trimmed some of the declines after Lagarde's comments.
