The Dow Jones Industrial Average plunged more than 800 points, its worst drop in eight months. The Dow and the S&P 500 saw their biggest one-day drops since early February and the Nasdaq saw the largest single-day drop in more than two years.
Technology companies were among the biggest losers. Amazon lost 6.2% and Netflix dropped 8.4%. Luxury brands like Tiffany plunged 9.5%. And insurance companies took a major hit as Hurricane Michael continued to gather strength and came ashore in Florida.
Tuesday the IMF downgraded its outlook for the world economy, citing concerns about the growing trade war and rising interest rates.
A closely watched inflation measure in the US rose for the first time since June, according to the Labor Department. The 10-year Treasury note hit its highest level since 2011 and the two-year reached its highest mark since 2008. The speedy rise in yields has worried some that higher borrowing costs will lead to a decline in the markets.
Photo Altered From: "We all fall down." by William Gray is licensed underCC BY 2.0