Traders work on the floor of the New York Stock Exchange (NYSE) on March 09, 2020 in New York City.

Spencer Platt | Getty Images

This is a live blog. Check back for updates.

7:05 am: Stock futures tank, Dow set to fall 1,100 points

U.S. stock futures are pointing to steep losses at the open, one day after the Dow Jones Industrial Average fell into a bear market. The 30-stock index is set to drop 1,080 points when stocks open on Wall Street for a loss of 4.6%. The S&P 500 is set to open down 4.3%, while the Nasdaq is on track to drop 4.5%. 

Based on that decline, the S&P 500 will join the Dow in bear market territory.

The leg lower comes after President Donald Trump failed to assuage fears of a potential economic slowdown during a speech on Wednesday night. As futures sold off, the Dow, S&P 500 and Nasdaq-100 all hit the so-called limit down threshold at one point, off by more than 5%, before paring those losses slightly.

On Wednesday, the Dow ended its historic 11-year bull market run by closing in bear-market territory. A bear market marks a 20% decline from all-time highs.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Read More