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US stocks sold off further around mid-morning, with the Dow plummeting more than 1,000 points.
The index was last down 4.1%, or 1,015 points, while the broader S&P 500 fell 3.7%.
The tech-heavy Nasdaq Composite fell 3.3%.
Banks are downgrading their earnings expectations for US equities, which isn't helping the market.
"We believe the path of quarterly profits will be more important than the full-year numbers," said Jonathan Golub, Credit Suisse's chief US equity strategist.
Golub said first quarter company earnings should be positive, albeit weaker, before profits go negative in the second quarter. He added that earnings will recover by the end of the year 2020.