Trader David O''Day, left, works on the floor of the New York Stock Exchange, Friday, June 21, 2013. Global stock markets reeled Monday, June 24, 2013 with Shanghai's index enduring its biggest loss in four years, after China allowed commercial lending rates to soar in a move analysts said was aimed at curbing a booming underground lending industry. (AP Photo/Richard Drew)
Trader David O''Day, left, works on the floor of the New York Stock Exchange, Friday, June 21, 2013. Global stock markets reeled Monday, June 24, 2013 with Shanghai's index enduring its biggest loss in four years, after China allowed commercial lending rates to soar in a move analysts said was aimed at curbing a booming underground lending industry. (AP Photo/Richard Drew)
A stock investor reacts near a board displaying stock prices at a brokerage house in Huaibei in central China's Anhui province Monday June 24, 2013. Global stock markets reeled Monday, with Shanghai's index enduring its biggest loss in four years, after China allowed commercial lending rates to soar in a move analysts said was aimed at curbing a booming underground lending industry. (AP Photo) CHINA OUT
NEW YORK (AP) ? The Federal Reserve's hazy timetable for winding down its stimulus programs and new signs of a cash strain in China are hammering global markets and U.S. stock futures.
Dow Jones industrial futures are down 110 points to 14,601. S&P futures have given up 13.3 points to 1,570.80. Nasdaq futures are down 16.75 points to 2,848.25.
Yields on U.S. debt are reaching levels not seen since late 2011 as markets gauge the pace at which the Fed will ease back on its bond-buying program.
And on Monday, The People's Bank of China told banks that they are on their own in securing cash. The central bank said "commercial banks should pay close attention to the market liquidity situation, to strengthen the liquidity factors analysis and forecasting."
Shares in Chinese banks plunged.
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