The S&P 500 dropped 2.5 percent, with the tech sector underperforming. The broad index was also headed for a five-day losing streak — which would be its longest since late 2016 — and fell below its 50-day moving average, a widely followed technical level.
Both the Dow and S&P 500 were also on pace for their worst day since March.
The major indexes have fallen sharply this month. For October, the S&P 500 and the Dow are down more than 3.6 percent and 2.5 percent, respectively. The Nasdaq, meanwhile, has lost more than 6.5 percent.
Rising rate fears and a pivot out of technology stocks have made it a rough last few days. The Dow has dropped four of the last five sessions, losing nearly 900 points over that span.