Dow Jones Industrial Average Futures Tumble 204 Points

What a difference a day makes. After starting the week off with a bang, the Dow Jones Industrial Average (DJIA) is signaling a sharp reversal today, with futures off triple digits at last check. While last week's Fed decision continues to weigh on sentiment, it seems traders today are spooked by a steep sell-off in European markets. Additionally, ahead of tomorrow's weekly inventories update, crude oil has taken a turn for the worse amid global economic uncertainty. Specifically, the October-dated contract was last seen 2.5% lower at $45.51 per barrel.

Continue reading for more on today's market, including:

• Why Schaeffer's Senior VP of Research Todd Salamone is warning of higher volatility ahead.
• What caught biotech bulls off guard.
• How option traders have been positioning themselves on these 2 bouncing blue chips.
• Plus … 5 things you need to know this morning -- including stocks making waves and what's happening overseas.

And now, on to the numbers…
​

5 Things You Need to Know Today

1. Asian markets closed higher ahead of Chinese President Xi Jinping's highly anticipated visit to the U.S. and tomorrow's big economic report.
2. The Chicago Board Options Exchange (CBOE) saw 768,851 call contracts traded on Monday, compared to 423,956 put contracts. The resultant single-session equity put/call ratio plunged to 0.55, while the 21-day moving average fell to 0.77. 
3. Volkswagen said it has set aside $7.3 billion to cover costs related to the recently revealed emissions scandal, which has affected a reported 11 million vehicles worldwide. Shares of the German automaker have shed roughly 30% since last Friday.
4. Bank of America Corp (NYSE:BAC) shareholders have a big decision to make today: allow Brian Moynihan to maintain his duel role as CEO and chairman of the board, or force him to resign from one of the positions. Ahead of today's special shareholders meeting, BAC is down 1.4% -- poised to steepen its year-to-date deficit. 
5. It's been quite a year for AutoZone, Inc. (NYSE:AZO) -- something that hasn't gone unnoticed by the brokerage bunch. Today, the company put another check in the win column, reporting fiscal fourth-quarter earnings that exceeded analysts' estimates.
   

The Federal Housing Finance Agency's (FHFA) housing price index and the Richmond Fed manufacturing index are slated for release today. Atlanta Fed President Dennis Lockhart will take another turn at the podium -- this time after market hours in Montgomery, Alabama.

Carnival (CCL), Carmax (KMX), ConAgra (CAG), and General Mills (GIS) will slip into the earnings confessional. Darden Restaurants (DRI) will also report earnings, making news like several of its sector mates. To see what else is coming up on this week's docket, click here.