NEW YORK (TheStreet) -- Stock futures were taking another hit on Tuesday, a day after plummeting crude oil prices undermined investor confidence and caused benchmark indices to gap from record highs.
S&P 500 futures were down 0.34%, Dow Jones Industrial Average futures slid 0.33% and Nasdaq futures fell 0.39%. On Monday, crude oil plunged to a five-year low, triggering a selloff among energy stocks.
Crude oil prices had recovered somewhat on Tuesday with West Texas Intermediate crude gaining 1% to $63.70. Prices remain around 40% lower than a mid-summer peak.
All major world markets were in the red Tuesday. Germany's DAX was down nearly 1% as imports fell the most in almost two years, down 3.1% in October and far worse than an estimated 1.5% decline.
China's Shanghai Composite saw its biggest one-day fall in five years, tanking 5.4%. The index remains around 40% higher for the year. China's Central Economic Work Conference has convened, a meeting to determine an official 2015 GDP outlook. World Bank economists are pushing for a growth target forecast of 7%, its lowest level in a decade, so officials can focus on reform plans.
T-Mobile (TMUS) - Get Report was down 3.9% after announcing a convertible stock offering of 17.4 million shares. The company said proceeds could be used to purchase additional spectrum in future auctions.
--Written by Keris Alison Lahiff in New York.