Stock futures drop almost 5% across the board

I peaked tonight to my disbelief at what I saw. All the stock futures are down almost 5%.

Dow	-400.00	-4.56%	8,374.00
NASDAQ	-58.75	-4.69%	1,194.75
S&P	-45.00	-4.92%	870.20

Tomorrow’s market will be one of the most volatile. It would not surprise me to see a record drop in all the indexes. There is just so much momentum in this fall, I don’t think an emergency rate cut or extra large treasury auctions will stop it.

I tried to find news of why such a big drop but couldn’t figure it out. Maybe I am just too sleepy. All the news that is coming out in the business sector is expected. There is no surprise that earnings are lower than expected. We are passed options expiration. The global markets declined and even that was expected. US recession, global recession, inflation, deflation, and even crude oil dropping is nothing new. What is causing this overnight drop and will we recover tomorrow or will there be panic selling or bargain hunters in the last hour?