The US job creation data, having come far weaker than expected, energy, metals and stocks are on a massive selloff mode

Dow futures are down by 200 points in premarket trade as global markets have entered a crash mode. The markets have been gripped by the fear of severe slowdown ahead. This is reflected in the commodity markets as well. Crude oil has crashed by 6% today which follows a huge down move in late April and early May. Natural gas has crashed by about 7%. Copper, Nickel, Lead and Zinc are all down by about 3%.

The global markets have been weak for the last couple of months now, but the crash today has come about because of extremely poor jobs data released today. According to the government data, the economy created far fewer jobs than expected.During May, payrolls expanded by only 69,000 as against projected growth of 150,000. Even April’s employment gain was revised sharply down to just 77,000.