Global bank stocks are taking a nosedive as U.S. credit risks force a reality check across the financial landscape. Investors are jittery, with the S&P 500 futures showing significant drops while concerns about bank earnings loom large.

Key points:

• Global bank stocks are experiencing a steep decline.
• The U.S. credit crisis is sending shockwaves through the market.
• Investors are bracing for disappointing earnings reports from major banks.
• Experts warn of potential long-term implications for the financial sector.

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