U.S. stock exchange traded funds were primed for steep losses Tuesday as traders returned from the long holiday weekend to find global markets in a “risk-off” mindset.

SPDR S&P 500 ETF (NYSEArca: SPY) was down 2.4% in premarket trading. Dow futures were off more than 200 points before the opening bell.

European markets were volatile after the Swiss National Bank set a floor on the euro/franc exchange rate as it again tries to put a lid on the currency’s rise. [Swiss Franc ETF in Focus After SNB Move]

“Many will be looking for the U.S. market open to be a calming influence; however, after yesterday’s moves in Europe, the U.S. indices will need a chance to react, and that reaction may not be pretty,” said James Hughes, senior market analyst at Alpari U.K. Ltd., in a MarketWatch report.

U.S. stocks were set for a sharply lower open Tuesday as traders continued to dump equities in the wake of Friday’s dismal nonfarm payrolls report for August.

ETFs tracking traditional safe havens were rallying, meanwhile. Gold briefly traded over $1,920 an ounce Tuesday morning to a fresh record high. [Gold ETFs Higher]