Here’s what’s shaking:
The Federal Reserve's hazy timetable for winding down its stimulus programs and new signs of a cash strain in China are hammering global markets and U.S. stock futures.
Dow Jones industrial futures are down 110 points to 14,601. S&P futures have given up 13.3 points to 1,570.80. Nasdaq futures are down 16.75 points to 2,848.25.
Yields on U.S. debt are reaching levels not seen since late 2011 as markets gauge the pace at which the Fed will ease back on its bond-buying program.
And on Monday, The People's Bank of China told banks that they are on their own in securing cash. The central bank said "commercial banks should pay close attention to the market liquidity situation, to strengthen the liquidity factors analysis and forecasting."
Shares in Chinese banks plunged
The price of oil fell Monday amid growing worries that China's decision to clamp down on informal lending could hamper growth in a major energy consuming country.
Benchmark oil for August delivery was down 36 cents to $93.33 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.71 to close at $93.69 on Friday.
Signs of an economic slowdown are already visible in the world's No. 2 economy. Last week, a private survey showed manufacturing in China contracted at a faster pace in June to a nine-month low. Moreover, Chinese economic growth slowed unexpectedly in the first quarter to 7.7 percent and forecasters have cut their growth outlook for the year. Asian stock markets fell, and oil prices moved along with them.
Brent crude, which is used to price oil used by many U.S. refineries to make gasoline, was down 19 cents to $100.72.
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The Associated Press contributed to this story.