U.S. stocks continued a rout sparked by Britain's shock vote to leave the European Union, with the Dow Jones Industrial Average falling more than 250 points after equities on Friday tumbled the most in 10 months.

Banks remained the focal point in the downdraft, with no sign of the pummeling letting up as lenders marked the worst two-day drop in almost five years. Raw-material and industrial shares also posted the steepest back-to-back slide since 2011. Sentiment was dealt another blow after S&P Global Ratings today cut the U.K.'s top credit grade by two levels.

"Today seems to be a repeat of Friday," said Ben Rozin, senior analyst and portfolio manager at Manning & Napier Advisors, which manages $37.3 billion. "We came into this year with first-quarter earnings being weak, and we were just beginning to see signs that the second quarter would be better. A big shock isn't good for confidence or investments. There's a lot of uncertainty and people weren't positioned for the vote ahead of time."

Risk assets have been under pressure since Britons voted to secede from the EU, raising concerns that an already-fragile global economic recovery will falter as trade snarls in one of the world's biggest consumer blocs. Friday's losses reversed a weekly advance in the S&P 500 and pushed the CBOE Volatility Index up 49 percent. The measure of market turmoil known as the VIX fell Monday, even as stocks continued to drop.

The U.K.'s Brexit vote left investors around the world scurrying toward safe havens for a second session after the S&P 500 on Friday fell 3.6 percent to erase its advance for the year. Investors are watching for policy action by central banks worldwide to ease the turmoil and pump liquidity into financial markets. European equities continued to bear the brunt of the selling, with the Stoxx Europe 600 Index losing 4.1 percent to its lowest since February.

Major U.S. stock-indexes fell on Wall Street on Monday as aftershocks from Britain's vote to leave the European Union roiled global markets for a second day.

Almost all Dow stocks in negative area (28 of 30). Top looser - American Express Company (AXP, -4,00%). Top gainer - Johnson & Johnson (JNJ, +0,55%).

Almost all S&P sectors in negative area. Top gainer - Financial (-3,1%). Top gainer - Utilities (+0,4%).

At the moment:

Dow 17062.00 -185.00 -1.07%

S&P 500 1994.25 -24.25 -1.20%

Nasdaq 100 4196.00 -66.25 -1.55%

Oil 46.24 -1.40 -2.94%

Gold 1324.50 +2.10 +0.16%

U.S. 10yr 1.46 -0.12

Polish equity market continued to decline on Monday. The broad market measure, the WIG index, lost 1.63%. From a sector perspective, banking sector (-3.73%) fared the worst, while developing sector (+0.46%) was the best-performing group.

The large-cap stocks' measure, the WIG30 Index, fell by 1.99%. Within the WIG30 Index components, bank PKO BP (WSE: PKO) recorded the biggest decline, slumping 6.73%. It was followed by railway freight transport operator PKP CARGO (WSE: PKP), insurer PZU (WSE: PZU) and two banks BZ WBK (WSE: BZW) and ALIOR (WSE: ALR), dropping between 3.32% and 5.03%. On the other side of the ledger, genco ENEA (WSE: ENA) led a handful of advancers with a 2.85% gain, followed by agricultural producer KERNEL (WSE: KER), climbing by 0.95%.

The session on Wall Street began with the discount, which is not a special surprise in the face of falling from this morning contracts. We are concerned, however, about the scale of declines, which already exceeding 1%. So, the trade of the main indices begins below the important supports, which are the May lows. Their loss opens the door to the development of the profits taking from this year's approach, which of course Euroland done a long time ago. The American market remains surprisingly weak in the face of Brexit, especially in the context of the previously presented fairly resistant and irreverent attitude towards the possibility of the UK exit from the EU. It does not help Europe, and the Warsaw parquet comes back around session lows.

U.S. stock-index futures fell.

Global Stocks:

Nikkei 15,309.21 +357.19 +2.39%

Hang Seng 20,227.3 -31.83 -0.16%

Shanghai Composite 2,895.52 +41.24 +1.44%

FTSE 6,013.01 -125.68 -2.05%

CAC 4,014.13 -92.60 -2.25%

DAX 9,361.9 -195.26 -2.04%

Crude $46.77 (-1.83%)

Gold $1333.30 (+0.82%)

(company / ticker / price / change ($/%) / volume)

Upgrades:

Barrick Gold (ABX) upgraded to Sector Outperform from Sector Perform at CIBC

Downgrades:

Other:

Barrick Gold (ABX) added to Conviction Buy List at Goldman

Poor sentiment in Europe means that European indexes are trading at minima, losing approx. 2% in Frankfurt and Paris. The main declining sectors are banks whose index is near the lows from the end of the last week and clearly below support at minima of February and early April. Paradoxically, the relatively well copes London.

On the Warsaw market bulls managed so far to halt the downward above support at 1,720 points. However, the style of correction may suggest that this is not the last word of the supply side and the market could include the next wave, which will reduce the WIG20 towards support at 1,720 points. Also, the attitude of the other markets where Friday's approach is clearly tested, may encourage such a scenario.

The futures market started the new week from decrease of 0.17% to 1,756 points, means in the area close to Friday's end. So we start a little more interesting period, when the dust settles and we may look at the situation calmly.

WIG20 index opened at 1759.88 points (-0.55%)*

WIG 44662.18 -0.25%

WIG30 1962.15 -0.43%

mWIG40 3356.62 0.28%

*/ - change to previous close

The cash market opens from a decrease of 0.58% to 1,759 points at relatively modest turnover. The German DAX lost on a similar scale, what after the huge volatility on Friday may be called a quiet and relatively neutral opening.

Usually after such sessions of a solstice (low beginning, growth and above-average rotation) market likes to test later the credibility of return, which will may happen on the market today.

Friday's session on Wall Street was one of the worst sessions since 2011. All indexes lost and almost the entire 3-month hardship of climb indices in the vicinity of 2,100 points on the S&P500 was offset by one session. It turned out that Thursday's breakout above this level was false, which usually is a sign of trouble. Declines on US stock exchanges were led by the banking sector - the same that for the last 3 sessions was the strongest one. It is worth to note almost 10% plunge in Citigroup. Heavily lost also companies from the biotechnology and transport sectors. There was no positive impact on the stock prices from weak data on orders for durable goods. In May, they declined by 2.2%. There was no help also from consumer confidence index which finally fell to 93.5 points. The main reason was to look on the other side of the ocean - in the UK. The strong rise in prices of US bonds, gold (+ 4.99%), and the yen shows that investors are beginning to buy so-called "safe" instruments. Ultimately, the S&P500 lost 3.59% and the technological Nasdaq fell by 4.13%.

In Asia the Nikkei and Shanghai indices reflect, what should gently support Europe, but we must remember that the Old Continent together with the Warsaw Stock Exchange on Friday quite clearly caught his breath after the first shock. In the morning, it seems that political uncertainty will be at the most hit in Britain and other markets should be quieter and the same opening may be close to neutral. A positive factor may be the result of Sunday's elections in Spain, where the ruling conservatives have increased their participation in Parliament, however, it still looks like it will be hard to build a coalition there.

Today's macro calendar is virtually empty, and from this site we should not expect an impulse to trade.

European stocks posted their worst daily drop in nearly eight years Friday, after investors dumped risk assets following the U.K.'s historic referendum that left the country on course to leave the European Union.

The Stoxx Europe 600 SXXP, -7.03% tumbled 7% to 321.98, marking its worst session since October 2008 in fallout of Lehman Brothers bankruptcy, according to FactSet data. The stock gauge had been on pace for its largest daily drop since October 1987, but pared losses.

In London, the FTSE 100 UKX, -3.15% slid 3.2% to 6,138.69, bouncing back from steeper early losses.

U.S. stocks plunged Friday, posting largest drops in 10 months after U.K. citizens voted to end the country's membership in the European Union. The main indexes ended with weekly losses for a third straight week.

The S&P 500 SPX, -3.59% plummeted 75.92 points, or 3.6%, to 2,037.40, its largest one-day percentage decline since Aug 24, 2015. For the week, the benchmark index lost 1.6%, the largest one-week drop since February.

The Dow Jones Industrial Average DJIA, -3.39% suffered its largest one-day drop in 10 months, plunging 611.21 points, or 3.4%, to 17,399.86. The blue-chip index lost 1.6% over the week.

Meanwhile, the Nasdaq Composite COMP, -4.12% was hit the hardest, as investors dumped technology and biotech stocks. The index lost 202.06 points, or 4.1%, to 4,707.98 and declined 1.9% over the week.

Asian stocks fell and the British pound tumbled more than 2 percent on Monday as markets struggled to shake off deep uncertainty sparked by Britain's decision to leave the European Union.

Sentiment remained weak even though the worst of the turmoil seen on Friday, when global stock markets suffered their biggest decline in nearly five years, had eased.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS shrank losses to 0.6% as companies with UK exposure in particular came under more pressure.

Financials led declines in Australia and Hong Kong with the sector seen the among worst hit by Brexit and the prospect of London losing its prized "EU passport".

June 27 Japan's Nikkei share average rebounded on Monday as government officials stepped up warnings that they may intervene in currency markets to stabilise the yen after Britain voted to leave the European Union.

Prime Minister Shinzo Abe said on Monday he has instructed Finance Minister Taro Aso to watch currency markets "ever more closely" and take steps if necessary.

Abe summoned Aso and Bank of Japan Deputy Governor Hiroshi Nakaso to discuss how to deal with the market turbulence caused by Brexit.

(index / closing price / change items /% change)

Nikkei 225 14,952.02 -1,286.33 -7.92 %

Hang Seng 20,259.13 -609.21 -2.92 %

S&P/ASX 200 5,113.18 -167.50 -3.17 %

Shanghai Composite 2,853.63 -38.33 -1.33 %

FTSE 100 6,138.69 -199.41 -3.15 %

CAC 40 4,106.73 -359.17 -8.04 %

Xetra DAX 9,557.16 -699.87 -6.82 %

S&P 500 2,037.41 -75.91 -3.59 %

NASDAQ Composite 4,707.98 -202.06 -4.12 %

Dow Jones 17,400.75 -610.32 -3.39 %