S&P 500 futures are down 44 points, or 1.1%. The index was choppy yesterday before finishing down just 0.1%.

Notable for the remainder of the week is that the index is down 20% so far this year. The worst-ever first half was in 1970, when it was down 21.01%.

If today’s open holds, it will come down to tomorrow’s trade on whether that breaks.

The laggards today are chip-makers after downgrades from Bank of America.