Stocks fell sharply on Thursday ahead of a key inflation report as investors worried about the state of the U.S. economy.
The Dow Jones Industrials plummeted 638.44 points, or 1.9%, to 32,272.46.
The S&P 500 handed back 97.97 points, or 2.4%, to 4,017.80. The index has shed about 1% this week.
The NASDAQ Composite fell 66.72 points to 12,019.55.
Casino stocks were some of the worst performers in the S&P 500, with Las Vegas Sands falling 4.5% and Caesars Entertainment sliding 2.9%. Chinese tech stocks reversed recent gains and dragged on the Nasdaq, with Pinduoduo sinking more than 10.3%.
Some major tech stocks also struggled, with Meta Platforms sliding nearly 4% and Amazon dropping 2.3%. Boeing was the worst performer in the Dow, falling more than 3%.
The slide for stocks comes ahead of the May consumer price index report on Friday. Investors are looking to see if inflation has peaked or if the Federal Reserve will need to be even more aggressive to tamp down price increases.
Initial jobless claims rose to 229,000 last week, worse than the 210,000 expected.
Treasury prices shed strength, raising yields to 3.05% from Wednesday's 3.02%. Treasury prices and yields move in opposite directions.
Oil prices dropped 98 cents to $121.13 U.S. a barrel.
Gold prices lost seven dollars to $1,849.50 U.S. an ounce.