US STOCKS-Wall St set to open sharply lower as panic spreads
* Oil hits new 6-1/2 year low
* Chinese market falls 8 percent
* Futures down: S&P 3.89 pct, Nasdaq 4.96 pct, Dow 4.16 pct (Adds details, comment, updates prices)
By Tanya Agrawal
Aug 24 (Reuters) - Wall Street looked set for another rout on Monday as alarm bells rang across world markets following a more-than 8 percent drop in Chinese shares and a steep fall in prices of oil and other commodities.
The S&P 500 and Nasdaq composite indexes were poised to slip into correction territory, or 10 percent off their 52-week highs. The Dow Jones industrial average and the Nasdaq 100 slid into a correction zone on Friday.
The Dow was set to open below 16,000 for the first time since February 2014.
The lack of new measures from Beijing to support Chinese stocks following an 11 percent drop last week sparked a free-fall in global equities and a selloff in oil and commodities.
Oil fell more than 4 percent to a 6-1/2-year low, while London copper and aluminum futures hit their lowest since 2009. Continuación...