The Dow Jones industrial average fell 2.84 per cent to end at 16,058.35 while the S&P 500 lost 2.96 per cent to 1,913.85 points. The Nasdaq Composite dropped 2.94 per cent to 4,636.11.
For the year, the Dow is now down 9.9 per cent while the S&P is seven per cent lower and the Nasdaq is off 9.9 per cent.
The S&P energy index fell 3.7 per cent, with Exxon down 4.19 per cent.
The financial index dropped 3.5 per cent, with Citigroup down 4.75 per cent.
Netflix fell 8.03 per cent after Variety reported that Apple was looking to move into the original programming business. Apple fell 4.47 per cent.