Stocks are getting rocked. Hong Kong's Hang Seng (-2.47%) led the losses in Asia, and Britain's FTSE (-2.6%) trails in Europe. The S&P 500 is set to open down 1.66% near 2,655.
Bonds are rallying. Buying has pushed the 10-year yield down more than 2 basis points to 2.89%, but the yield curve is slightly steeper with the spread between the two-year and the 10-year up to 13 basis points.
Clues suggest China was behind the huge Marriott hack. Tools, techniques, and procedures that have previously been used in attacks by Chinese hackers were discovered by investigators looking into the breach of up to 500 million customers in Marriott's Starwood reservation system, Reuters reports, citing three people familiar with the matter.
There's a simple reason people aren't buying iPhones like they used to. Apple "continues to try to push toward these higher-price devices, and we think that is continuing to cause a slowdown in the replacement cycle," Angelo Zino, a senior equity analyst at CFRA, told Business Insider, adding he didn't see that as a broader warning for the state of the US consumer.
Earnings report picks up a bit. Kroger reports ahead of the opening bell, while American Outdoor Brands, Broadcom, Lululemon, and Ulta Beauty are set to release their quarterly results after markets close.
US economic data is heavy. ADP Employment Change will cross the wires at 8:15 a.m. ET, with initial claims released at 8:30 a.m. ET. Then at 9:45 a.m. ET, Markit services PMI will be released before data concludes at 10 a.m. ET with ISM nonmanufacturing, factory orders, and durable goods orders.