The recovery worries further trickled down to the oil markets as crude oil fell to around $71/barrel on the New York Mercantile Exchange. Additionally, a report by the Energy Department showed that U.S. crude stockpiles grew by 200,000 barrels for the week ending Aug. 21, putting pressures on supply and demand, states Carlo Piovano of the Associated Press. The United States Oil Fund (USO) was down 1.6% in intraday trading.
Overall, all three major indexes were down in morning trading with the Dow Jones Industrial Average dropping 0.4%, the S&P 500 declining by 0.8% and the Nasdaq giving up 1.1%.
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Kevin Grewal contributed to this article.