The UK has voted to leave the EU, and this stunning result is sending US stocks through the floor.

Shortly after the opening bell in New York, the Dow fell as many as 500 points (2.7%), suffering its biggest drop since January 20. The S&P 500 fell 69 points (3.25%.)

The Nasdaq had its biggest drop since November 2011, and was down 170 points, or 3.47%.

The referendum outcome means the UK will begin preparations to leave the European Union, the first member to leave the 28-member bloc since its formation in 1993. The market reaction reflects how unprecented this is, and there’s a cloud of uncertainty about what it means for the global economy.

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