Here is what you need to know.
Stocks enter a correction. The Dow Jones industrial average fell more than 1,000 points, or about 4% Thursday, extending its drop from the January highs to more than 10%.
The government shutdown is already over. The shutdown lasted a couple of hours as Congress reached a bipartisan deal which raises budget caps by $300 billion over the next two years, and provides big boosts to defense and domestic spending.
The crazy volatility that has sent the Dow into a correction may have been triggered by lousy weather. Poor weather has led to spikes in wage growth in the past, meaning January’s increase may have been distorted by weather disruptions, Westpac says.
JPMorgan has found a trigger for the next big market collapse. The bank says something sinister is brewing in markets amid massive turbulence as stocks and bonds trade increasingly in tandem.
China's inflationary pressures are weakening. Consumer prices in China grew at a 1.5% year-over-year clip in January, down from the 1.8% growth seen in December, according to data released Friday by China's National Bureau of Statistics.
Qualcomm rejects Broadcom. The chip maker's board rejected a revised $121 billion offer from Broadcom, saying the deal "materially undervalues" the company, Reuters reports.
Nvidia posts a record-setting quarter. Nvidia beat across the board and said it was a record quarter by all measures amid strong demand for its graphics cards from cryptocurrency miners.
The markets are spiraling into chaos - and that's helped lift one stock almost 40% this week. Shares of high-speed trading firm Virtu have soared nearly 40% this week, despite the selloff in the broader market, boosted by strong quarterly results.
Stock markets around the world are mostly lower. China's Shanghai Composite (-4.05%) was hit hard in Asia and France's CAC (-0.43%) trails in Europe. The S&P 500 is set to open higher by 0.67% near 2,598.
US economic data is light. Wholesale inventories are due out at 10 a.m. ET. The US 10-year yield is up 3 basis points at 2.86%.