S&P 500 Futures Hit New Session Lows

S&P 500 futures just took out the intra-day low at 1,261 and are continuing to slide. Stop losses that had been set at the low of the day were just taken out and S&P futures are trading at 1,260, a decline of 21 points, or 1.65%, on the session. The new intra-day low is 1,259.5.