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US stock futures fall sharply after Friday plunge

U.S. stock futures opened lower on Sunday after Wall Street recorded its worst day since 2011.

Dow Jones industrial average futures opened down about 80 points and shed as much as about 360 points before holding at about 366 points lower.

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S&P 500 futures opened down 12.50 points and fell as much as about 40 points before holding at about 39points lower. Nasdaq futures fell 33 points at the open before falling as much as 144 points and were last down about 35 points.

Asian shares sold off dramatically at their open as well, with Tokyo sharply lower and China's Shanghai Composite closing down over 8 percent

Mohamed El-Erian, chief economic adviser at Allianz, said in a tweet that, without new policy announcements and no positive economic news, selling will continue.

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U.S. Treasurys held firm on Sunday, with the 10-year note yielding about 2.02 percent, not far from its Friday close.

"I think the bond market into the end of next week is going to operate on its own devices. There are some technical things with the end of the month. It's also the end of the summer…People don't want to get involved at these levels," said George Goncalves, head of rates strategy at Nomura Securities.

On Friday, U.S. equities fell about 3 percent across the board, with the Dow Jones industrial average entering correction territory for the first time since 2011. The Nasdaq Composite also closed the session in correction territory.

European stocks also fell sharply on Friday, with the German DAX and the FTSE 100 index closing down 2.95 percent and 2.83 percent, respectively, as concerns over global growth weighed on investors.

In China, the Shanghai Composite dropped 4.2 percent after disappointing factory growth figures were released, with Japan's Nikkei 225 following suit, plunging down about 3 percent.

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