Over the weekend, there were rumblings of a possible market panic when the opening bell rung on Monday, and it looks at this point like those have come to fruition. The Chinese markets plunged 8.5% which has triggered a global market selloff. The U.S. Markets open in about 10 minutes and futures are already down 600-700 points.

Obviously it’s too early to know the full expected extent of today’s damage to the markets and the economy at large, but today has the potential to be the worst day for U.S. markets since at least 2009. This is an open thread and stay tuned here for future updates after the bell opens.

UPDATE 9:47am ET: After falling over 1000 points in the first minutes after the opening bell, the markets appear to be somewhat stabilized at around -650, for now, which is obviously less than ideal but not catastrophic. Stay tuned.

UPDATE: 9:54am ET: Dow back down over -800, approaching the -5% mark. Oil prices look to be taking a hit. No one still has a concrete answer for what this says about the state of the U.S. Economy.

UPDATE: 10:05am ET: DJIA has rallied to the -450 range. Most analysts remain hopeful that this is a correction (albeit a large one) rather than a crash.

Tags: #BlackMonday