All the major indexes are in the red. The S&P 500 is down 1%, the Nasdaq dropped 1.7% and the Dow fell over 220 points. It's a worrisome sign when other global stock markets, such as the U.K.'s benchmark index, entered a correction -- a 10% drop from its peak in just four months. The Dow is down 6% from its peak in May.
China's economic slowdown and currency devaluation have investors worried that things could get worse as the year goes on.