US Stock Futures Tumble, China's Shanghai Plunges 8.5%

US stock futures traded lower in early pre-market trade. China's Shanghai Composite Index dipped 8.49 percent today. The Chicago Fed National Activity Index for July will be released at 8:30 a.m. ET. Futures for the Dow Jones Industrial Average dropped 414.5 points to 16,052.5, while the Standard & Poor's 500 index futures fell 45.55 points to 1,925.95. Futures for the Nasdaq 100 index slipped 166.45 points to 4,034.30.

European markets were lower today, with the Spanish Ibex Index falling 2.83 percent, STOXX Europe 600 Index declining 3.34 percent and German DAX 30 index dropping 2.79 percent. French CAC 40 Index declined 3.05 percent and London's FTSE 100 Index fell 2.78 percent. In Asian markets, Japan's Nikkei Stock Average fell 4.61 percent, Hong Kong's Hang Seng Index declined 5.17 percent, China's Shanghai Composite Index dipped 8.49 percent and India's BSE Sensex fell 5.94 percent.

Analysts at Stifel Nicolaus upgraded

from Hold to Buy and announced a price target of $9.00. Tuesday Morning shares gained 0.85 percent to $5.96 in pre-market trading.