In the first 15 minutes, the Dow Jones Industrial Average dipped 32.02 points (0.35 per cent) to 9,107.25 and the Nasdaq shed 15.16 points (0.90 per cent) to 1,666.48.

The broad Standard & Poor's 500 index declined 5.38 points (0.56 per cent) to 947.39.

Market action came a day after a plunge of more than five per cent for Wall Street indexes, which prompted heavy selling in Asia and Europe.

Also weighing on sentiment were actions by the European Central Bank and Bank of England to cut interest rates, highlighting the grim economic conditions, and a report from the International Monetary Fund warning of a contraction in advanced economies for the first time since World War II.

The markets have given back the big rally ahead of the US presidential election won by Democrat Barack Obama on Tuesday.

'The afterglow following the presidential election lasted about as long as the firefly's flash on a summer evening, which is to say it wasn't long at all,' said Patrick O'Hare at Briefing.com.

'Wall Street wasted little time turning its attention back to a slumping economy and that's where its focus still lies this morning.' -- AFP