Market Plummets After Turkey Shoots Down Russian Jet; Putin Calls Action 'Stab In The Back'

• U.S. futures plummeted on Tuesday, indicating equities are in store for a large sell-off.
• Prior to Tuesday's opening bell, Dow futures were lower by more than 100 points.
• Geographical tension took the center stage after Turkish F-16 fighter jets were said to have shot down a Russian jet over Syria.

Geopolitical tensions appeared to have worsened over the past few days following ISIS' devastating terrorist attack in Paris. The city of Brussels remains in lockdown, while the U.S. government issued a global travel warning to its citizens.

The threat of terrorist activities has been understood by investors and traders as of late. However, geographical tension between Turkey and Russia has added a great deal of uncertainty and fear to the market.

According to RT, a Russian state-funded news network, Turkey "backstabbed" Russia by shooting down Russian warplane in Syria. The publication stated that a Russian warplane was traveling at an altitude of 6,000 meters a kilometer from the Turkish border before it was struck by an air-to-air missile launched by a Turkish F-16 fighter jet.

"This incident stands out against the usual fight against terrorism. Our troops are fighting heroically against terrorists, risking their lives. But the loss we suffered today came from a stab in the back delivered by accomplices of the terrorists," Putin said.

Putin added that the incident will have "grave consequences" for Russia's relationship with Turkey.

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U.S. futures plummeted overnight following the news. With less than 15 minutes before Tuesday's opening bell, the S&P 500 ETF, SPDR S&P 500 ETF Trust SPY was lower by 0.55 percent. The ETF that corresponds to the Dow Jones, SPDR Dow Jones Industrial Average ETF DIA was also lower by 0.53 percent.

Adding to the newly developing Turkish and Russian tension is the fact that reports are coming in with conflicting accounts. Turkish officials told Al Jazeera, a Qatar-funded state broadcaster, that Russian warplane violated Turkey's airspace and were repeatedly warned of the fact before being shot down by the Turkish military.

Al Jazeera noted that a Turkish military statement said the Russian aircraft was warned "10 times in five minutes" before it was shot down "according to the rules of engagement."