Get ready. It's gonna be bumpy. http://money.cnn.com/2008/10/24/markets/stockswatch/index.htm Stocks headed for a bloodbath Futures point to sharply lower open for Wall Street as global markets swoon on recession fears. By CNNMoney.com staff October 24, 2008: 5:47 AM ET LONDON (CNNMoney.com) -- U.S. stock futures tanked early Friday as fears of recession deepened a global market rout. Dow Jones industrial average futures were down more than 500 points at 5:30 a.m. ET. S&P 500 and Nasdaq 100 futures were also down sharply. Futures measure current index values against the perceived future performance and can indicate how markets open when trading begins in New York. Concerns that the weak economy will crimp corporate profits pummeled overseas markets. Japan's Nikkei index tanked 9.6% and European shares plunged were down about 7% in morning trading. U.S. markets for the most part managed to overcome the earnings gloom Thursday. The Dow and S&P 500 both advanced while the Nasdaq slipped. But trading has been volatile lately amid uncertainty about how deep the economic will be and how long it will last. Stocks to watch include software giant Microsoft (MSFT, Fortune 500), which reported solid quarterly results late Thursday but issued a cautious outlook.