NEW YORK ( TheStreet ) -- U.S. stock futures are pointing to a sharply lower open this morning following yesterday's afternoon plunge. S&P 500 futures are down about 2% as European markets took the cue from the weak American markets. Investors are far from convinced that the Fed's latest maneuver, Operation Twist, will be effective in propping up the slumping economy. Or, maybe they just think the headwinds are too strong.More downbeat economic data out of China and Europe added to the pessimism this morning, with the German DAX 30 index down 4.3% right now. Gold and oil futures also dropped overnight as the dollar surged, all likely due to the lack of straightforward stimulus from the Fed. Amid all of the problems in Europe, the dollar is once again becoming a safe haven. The 20+ Year Treasury Bond ETF (TLT) continues to explode overnight, putting further pressure on equity markets.
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