The Federal Reserve's hazy timetable for winding down its stimulus programs and new signs of a cash strain in China are hammering global markets and U.S. stock futures.

Dow Jones industrial futures are down 110 points to 14,601. S&P futures have given up 13.3 points to 1,570.80. Nasdaq futures are down 16.75 points to 2,848.25.

Yields on U.S. debt are reaching levels not seen since late 2011 as markets gauge the pace at which the Fed will ease back on its bond-buying program.

And on Monday, The People's Bank of China told banks that they are on their own in securing cash. The central bank said "commercial banks should pay close attention to the market liquidity situation, to strengthen the liquidity factors analysis and forecasting."

Shares in Chinese banks plunged.