S&P 500 futures are down 40 points, or 1.1%, the German DAX is down 1.9%, both near session lows.
The euro has stabilized near a 20-year low at 1.0290 but its 130 pip fall below major support is a sign of the market's growing worry about a European recession. It could be a particularly harsh one if Russia cuts of natural gas supplies or gas/electricity prices stay at sky-high levels.
Earlier in the day, the market was in a better mood in large part due to a sharp and surprising rebound in the China Caixin services PMI to 54.5 from 41.4. China is recovering from lockdowns and so far the reopening is going well.
At the moment though, the European worries are drowning out any optimism. That includes in the oil market, which is narrowly negative after rising $3/barrel earlier.
