U.S. stock futures dropped, signaling equities will extend their worst loss in six weeks, as global shares slid after China tightened lending rules and concern grew that early Greek elections could trigger political turmoil.
The S&P 500 sank 1.5 percent to 1,935.09 at 4 p.m. in New York, the lowest level since Aug. 12. Today’s slide was the biggest in almost three weeks. Selling accelerated in afternoon trading as index futures contracts expiring in December slipped below 1,940, a level where two previous declines had ended earlier today.
The U.S. securities industry canceled all equity trading today and will shut bond markets early, moving to protect workers as Hurricane Sandy barreled toward New York City with 85-mile-per-hour winds and the threat of an 10-foot sea surge.