S&P 500 futures fall ahead of more U.S. economic data; South Korea's Kospi slides 7%: Live updates

BREAKING: South Korea's Kospi slides nearly 8% and Japan's Nikkei falls over 4% as a global sell-off deepens, with S&P 500 futures sliding after hotter-than-expected US inflation data. 📉

Seoul just had its worst session in memory, the Kospi down nearly eight percent in a single day.

Japan's Nikkei fell over four percent, Hong Kong slipped, and the selling started on Wall Street, where hotter than expected inflation handed the Nasdaq its worst day since July. You can see the mood on the floor here, traders watching screens that only go one direction. One strategist put it bluntly, inflation is cooking with gas, and the fear is the Fed tightens harder before year end.

The pressure in Seoul came from the chip giants, SK Hynix and Samsung dragging the whole index down with them. And there's no breather coming, producer prices, retail sales and jobless claims all land Thursday morning, with bank earnings on top.

So the hardest fact tonight is this. One inflation print in Washington just erased a year of gains in Seoul in a single morning.

This is Sara White, reporting for HIT.