Take a deep breath before you begin trading this Tuesday.
All major global markets are in the red, U.S. government bond yields are falling and commodities are down.
Here are the five things you need to know before the opening bell rings in New York:
1. Global market overview: If you look at a market screen this morning, you'll see red across the board. U.S. stock futures are firmly in the red. European markets are declining by about 1% in early trading. Nearly every major Asian stock market ended the day with losses.
Investors may be feeling disappointed after the Bank of Japan left its monetary policy unchanged without announcing fresh measures to stimulate the economy.
Most commodity prices are slipping, putting pressure on the shares of global mining companies.
For example, shares in Anglo American (AAUKF) are down about 9%, leading the FTSE 100 index lower in London.
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Crude oil futures are down by 2% to trade around $36.40 per barrel. Prices for precious metals are also declining.
"The Bank of Japan decision to leave policy unchanged was a catalyst for this morning's risk aversion though no-one was looking for any move," noted Kit Juckes, a global strategist at Societe Generale.
2. Getting fresh: Specialty grocery chain Fresh Market (TFM) is being bought by Apollo Global Management (APO) for nearly $1.4 billion. Shareholders are being offered $28.50 per share in cash. Speculation about a takeover had been swirling for weeks.
3. Earnings: The main company reporting earnings this morning is Valeant Pharmaceuticals (VRX). The embattled drugmaker has been struggling since a short-selling firm accused it of massive fraud. The company has denied the allegations, but has remained under heavy scrutiny.
Valeant said in February it would restate its 2014 and 2015 earnings after it booked millions of dollars in sales at the wrong time.
Oracle (ORCL) will report earnings after markets close.
4. Economics: The U.S. Census Bureau is posting February's retail sales report at 8:30 a.m. ET. Total sales were up in January despite a notable drag from cheap gasoline.
5. Monday market recap: It was an uneventful trading day on Monday.
The Dow Jones industrial average inched up 0.1%, the S&P 500 dipped 0.1% and the Nasdaq was essentially unchanged.
