UPDATE: MARKET MELTDOWN: DOW OFF NEARLY 270 AFTER OBAMA VICTORY

Stocks are getting destroyed.

Markets actually spent most of the morning positive in the wake of President Obama's reelection.

However, at around 7:30 AM EST CNBC's Becky Quick noted that the ECB's Mario Draghi said that "Data suggest economic slowdown has reached Germany." 

Indeed, much of the recent economic data out of Germany has been much more worrisome than economists had forecasted.

Markets tanked immediately after these comments came out.

• Markets Are Getting Whacked In Europe
  
• Another Huge Week Is Starting — Asian Markets Are Lower
  
• Apple Is Getting Whacked Some More — Dow Off Over 100