The Dow Jones Industrials hurtled lower 1,190.95 points, or 2.3%, to conclude Thursday at 25,766.64.
The broader S&P 500 was pummeled 137.63 points, or 4.4%, to 2,978.76.
The tech-heavy NASDAQ lost 414.30 points, or 4.6%, to 8,771.19.
Those losses put the Dow in correction territory, down 10% from its record close to where the industrials are trading at now. The S&P 500 was in correction territory on an intraday basis. It took the Dow just 10 sessions to tumble from the all-time high. The S&P 500 and NASDAQ set record highs last week.
Both the Dow and the S&P 500 had their worst day since February 2018 while the NASDAQ posted its biggest one-day loss since August 2011.
The Dow and S&P 500 were also on pace for their worst weekly performance since 2008. Through Thursday’s close, the Dow was down more than 11% week to date while the S&P 500 had lost 10.8%.
Apple, Intel, and Exxon Mobil were among the worst-performing Dow stocks Thursday, dropping at least 6% each. AMD moved lower 7.3%, and Nvidia fell 5.6%.
Microsoft warned Wednesday it will not meet its revenue guidance for a key segment. In a statement, its supply chain is “returning to normal operations at a slower pace than anticipated,” which led the tech giant to cut its forecast for its personal computing division.
Personal computing accounted for 36% of Microsoft’s overall revenue during the previous quarter. Microsoft shares were down 7.1%.
PayPal also issued a warning about its outlook. The stock traded 1.3% lower.
The Centers for Disease Control confirmed on Wednesday the first U.S. coronavirus case of unknown origin in Northern California, indicating possible “community spread” of the disease. The CDC doesn’t know exactly how the patient, a California resident, contracted the virus.
President Donald Trump tried to assuage concerns over the outbreak. Trump said in a news conference Wednesday night the risk of coronavirus to people in the U.S. is still “very low.”
He added the U.S. is going to “spend whatever’s appropriate” to deal with the virus. Trump also put Vice President Mike Pence in charge of the U.S. response to the coronavirus. The president added stocks should recover from their recent swoon.
Prices for the 10-Year U.S. Treasury jumped, lowering yields to 1.27% from Wednesday’s 1.34%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.91 to $46.82 U.S. a barrel.
Gold prices lost $5.50 to $1,637.60 U.S. an ounce.