MARKETS: Here's why global risk markets are plummeting right now.

Yahoo Finance Video

Yahoo Finance's Alexis Christoforous and Jared Blikre break down the latest market action after chaos erupts in Italian politics leading to a bond market rout that spread across the continent, to the United Kingdom and the United States. Futures show the Dow, Nasdaq and S&P 500 all down materially. (VO) It is happening because there's concern Italy may leave the European Union. Italian President Sergio Mattarella this weekend scuttled a populist coalition government by vetoing the choice of an EU critic for economy minister. He's picked Summons Cottarelli, an economist, as interim prime minister, and Italy could see a new election in a few months.

Top 10 performers in the S&P 500 as of 11:15 am ET:

MU Micron Tech 3.20%

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AMAT Applied Materials 2.44%

KMI Kinder Morgan Inc 2.20%

MPC Marathon Petro Corp 2.03%

VLO Valero Energy 1.88%

ANDV Andeavor 1.88%

MLM Martin Marietta Materials 1.85%

PSX Phillips 66 1.88%

KMX CarMax Inc 2.07%

KSS Kohl's Corp 1.59%

Bottom 10 performers in the S&P 500 as of 11:15 am ET:

PCG PG&E Corp -4.86%

BWA Borg Warner -4.14%

PFG Principal Finl Grp -2.63%

PRU Prudential Finl -2.47%

XRAY Dentsply Sirona Inc -2.17%

PDCO Patterson Companies -2.17%

MCK McKesson Corp -2.13%

STT State Street Corp -2.19%

FL Foot Locker -1.96%

MS Morgan Stanley -2.08%

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