Let's hope you're a fan of New York baseball and declining stock prices. In any event, you'll be hearing a lot about both this morning. Futures were last seen underwater, while international markets, especially Asia, took a severe beating.

Nasdaq 100

futures on

Globex

took a beating, trading down 25 to 3145, a fair value loss of 51.56.

S&P 500

futures on Globex fell 5.75 to 1354.00, a fair value loss of 7.82 Both fair value numbers were calculated by

TheStreet.com

.

What's really terrible is that futures have been getting worse, not better, as the opening bell approaches. At 6:30 a.m. EST, Nasdaq 100 futures were at 3151, a full 6 higher than at press time. S&P futures were 1.55 better 30 minutes earlier as well.

On

Instinet

, where early bird traders and late-night lurkers can't seem to get enough action,

IBM

(IBM) - Get Report

got

destroyed last night after

announcing third-quarter earnings that beat estimates by two cents a share. In preopen trading, the company was off $13 to $100.

Today will be a fairly big day for the market, with

America Online

(AOL)

,

Apple

(AAPL) - Get Report

and

TheStreet Recommends

Microsoft

(MSFT) - Get Report

set to release earnings. We also get a peek at

Consumer Price Index

numbers and

housing starts

. For more on what's on tap today, check out this morning's

On Tap Today.

Sometimes going abroad can be a wonderful experience, a life-changing journey into foreign worlds, revealing how different and beautiful other countries can be. Today is not one of those days. Asian markets got shellacked while European markets were mumbling and lost, like a foreign exchange student ditched in a shopping mall.

Japan's

Nikkei 225

continued to slide, dropping 467.74, or 3.1%, to 14,872.48. Hong Kong's

Hang Seng

fell 414.91, or 2.8%, to 14,458.52. And the

Taiwan Weighted

fell 270.13, or 4.7%, to 5432.23. (See today's

Asian Markets Update for more.)

It's midday in Europe and things were bloody and awful. Or just bloody awful.

London's

FTSE

fell 51.90, or 0.9%, to 6151.30, while Paris'

CAC-40

fell 113.66, or 1.9%, to 5953.49. Germany's

DAX

fell 64.01, or 0.8%, to 6467.70.

For Tuesday's postclose trading, see The Night Watch.