After rallying on Tuesday, stocks were poised to drop at the open on Wednesday.
Spencer Platt | Getty Images7:24 am: Stocks set for sharp losses at the open, Dow poised to drop more than 600 points
In this market, it will come as no surprise that Wednesday is shaping up to be another volatile day on Wall Street. U.S. stock index futures are pointing to losses across the board at the open. All major averages are set to drop more than 2%, with theThe leg lower comes after stocks roared back to life on Tuesday. After spending some of the day in negative territory, the Dow surged in the final hour of trading to post a gain of 1,167 points.
Uncertainty continues to grip the Street. The yield on the U.S. 10-year Treasury is around 0.7%, and oil prices are under pressure again as tensions between powerhouse producers Saudi Arabia and Russia rise. On Wednesday the Bank of England cut its benchmark interest rate by half a percentage point, making it the latest central bank to try and quell some of the unease.
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