i'm ashley webster. this is a fox business network special report and thank you for joining us this morning. we are seeing a sea of red across the globe today in trading but first, let's get you up to ta speed on what we can expect before the opening on wall street. let's take a look at the futures board for you and no big surprise, a sea of red again. at this hour, the dow down 1 1/2% and the s&p down 1.6% and the nasdaq following suit, down 30 points or right around 1 1/2%. let's take a look at those ugly numbers from yesterday. dow off 419 points, down more than 3%. meanwhile, the nasdaq also up 131 points, down 5.22% and the s&p 500 down more than 50 points on the day, 4 1/2%. now, let's get you up to speed on what's going on in asia today. a sea of red. nikkei down 2 1/2%. a brutal day, down more than 6% in south korea and on the chinese main land in shanghai, down 1%. let's take a look at europe where the banking stocks have been getting hit hard again. we'll start with the commodities for you. oil

. >> ashley webster from the "fox business" network is live now. straight down days? >> we would hope we go up. we have this behind us frozen in time. eight straight days of losses. yes, we have the debt crisis behind us, but it didn't exactly install a lot of confidence. in fact, what we have is a crisis of confidence in this country's economy. all of the latest data coming out shows that this economy's business and economy as a whole is essentially stagnant. we've seen the gdp basically stop in its tracks. we've seen manufacturing at its lowest level in two years, personal spending is dropping and private employment dropped by 66,000 last month. it's all very doom and gloom. that's exactly why we have seen the markets go down. so far, we're not seeing momentum and that's why we're seeing a big selloff in the market. >> gretchen: ashley webster at wall street, thanks very much. that really is the focus now because if you thought you were going to wake up to a fairy tale this morning because we solved the debt crisis temporarily, we woke up to the

ashley webster from the fox business network is live on wall street. he knows all those facts by heart. ashley, why is the market behaving this way? >> reporter: well, you know we've got the debt ceiling crisis behind us, jenna, but now we are folk ing on the maco picture. some of the economic data we're getting is not impressive at all. it shows an economy in this country that continues to struggle to get any kind of momentum at all. no job creation at all. where is it going to come from? we heard the service sector dropped in july, factory orders dropping in june. the private sector added 114,000 jobs. that is not going to do a whole lot for the confidence of investors who are waiting for friday's nonfarm payroll number which will remain around 9.2%, the unemployment rate, which, version very high. we've seen in recent days the gdp essentially showing that we are getting no growth in this country, stagnant. manufacturing at a two-year low and personal spending is also dropping. i hate to be the voice of doom and gloom, these are the facts and the kind