CVS Health gained 1.0 per cent as it reported fourth-quarter net income rose 13.4 per cent to US$1.5 billion.

The Dow is down 190.59 points, or 1.2 per cent.

Chipotle Mexican Grill fell over 3 percent at the close as the food chain tries to earn back customers’ trust after its two E. coli outbreaks. Trading desks in China, Hong Kong and other primary Asian markets were closed again Tuesday for the Chinese New Year. Federal Reserve Chair Janet Yellen is scheduled to testify before Congress on monetary policy today and tomorrow. Nasdaq 100 Index contracts also retreated 0.6 percent.

Trader Jonathan Corpina works on the floor of the New York Stock Exchange, Monday, Feb. 8, 2016.

The Dow Jones industrial average fell 12.67 points to 16,014.38, the Standard & Poor’s 500 index fell 1.23 points to 1852.21 and the Nasdaq composite index dropped 14.99 points to 4268.76.

The Dow Jones industrial average fell 177.92 points, or 1.1 per cent, to 16,027.05.

Among Europe’s main indexes, Germany’s DAX fell 3.1 percent, while France’s CAC 40 dropped 2.8 percent. The S&P 500 posted 7 new 52-week highs and 97 new lows; the Nasdaq recorded 4 new highs and 495 new lows. Shares in Japan plunged more than 5 percent, while the London blue-chip FTSE index’s intraday hit a three-year low.

Prices for barrels of both Brent crude – which serves as a global pricing benchmark – and West Texas Intermediate – primarily considered a U.S.-focused oil metric – at least temporarily dipped below $30 Tuesday, effectively erasing modest gains seen at the end of last week.

In Asia, stocks fell on Wednesday in morning trade as a week of volatile trading in global equities continued, with Japanese shares extending losses after the biggest one-day plunge since August.

While falling oil prices benefit consumers, a rise or stabilization in oil prices “would alleviate strains from the global financial system”, said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management, which manages $20 billion in assets.

Tech investors are cashing in their profits, sending stocks such as Amazon, which had among the biggest market jumps a year ago, lower, analysts say.

Precious metals prices rose sharply as traders took cover from the turbulence in the stock market. EBay and Priceline Group lost more than 3.1 percent.

The yield on the benchmark USA 10-year Treasury yield rebounded to 1.70 percent after touching 1.68 percent overnight, its lowest level since February of last year.

Wall Street stocks had opened in negative territory and appeared to be heading for another ugly session after Monday’s rout as United States oil prices fell. It has been a widely followed indicator of the stock market since October 1, 1928.