After surprises in the UK’s EU referendum, US stock futures are getting absolutely demolished.
Near 10:30 p.m. ET, S&P 500 futures were down as many as 75 points to as low as 2,030 while Dow futures were off more than 550 points to around 17,400.
Both S&P 500 and Dow futures were down more than 3.5%.
On Thursday, the S&P 500 closed at 2,113 in New York.
Here’s Business Insider UK’s live blog of the vote with some of the major headlines stunning markets:
ITV News is now predicting 75% chance of Brexit.
260 of 382 local authorities are still to declare but as of 10:24 p.m. ET:
Leave: 50.2% vs. Remain: 49.8%
Early stunning results included Newcastle,where 65,404 people voted to remain in the EU, while 63,598 voted to leave, a split of 50.7% to 49.3%. That is a substantially lower than expected gap for the Remain camp. Turnout was 68%.
Sunderland has voted to leave the EU by a huge margin. 82,394 people in the area voted to leave, compared to just 51,930. That is a much bigger gap than expected.
As these results rolled in the British pound was getting clobbered, falling by as much as 6% against the US dollar to as low as $1.40 after having moved above $1.50 earlier this evening.
A truly stunning move in a major reserve currency and a move that Bloomberg said was the biggest one-day swing in the pound on record.
Below is the latest chart of S&P 500 futures.
And Dow futures.
Obviously, more to come.