Global markets plunged Thursday, continuing steep losses seen in the previous session, as investors worry about rapidly rising interest rates and an expected slowdown in global growth.

At around 5:50 a.m. ET, Dow futures sank 228 points, indicating a sharply lower open of 319.74 points. Futures on the S&P 500 dropped indicating a negative open of 29.78 points, while Nasdaq futures signaled a negative open of 75.50 points. This after stocks sank Wednesday with the Dow plunging more than 800 points in its worst drop since February.

The VIX, which is seen as a fear gauge for the market, hit a new six-month high of 24.1 points on Thursday morning.

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