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The KBW Bank Index dropped 2.7 percent while the Dow Transportation Index lost 1.9 percent.
Commodities offered a rare bright spot in the market. The Reuters/Jefferies CRB Index gained 1.1 percent largely on the strength of metals, including gold and silver as well as grains, where wheat posted the biggest rise.
However, a drop in oil prices took down energy stocks, with majors such as Chevron and Halliburton sustaining losses. U.S. light, sweet crude was alone among the energy declines, with the rest of the complex gaining.
Safe-haven Treasurys surged in price, sending the benchmark 10-year yield down to 1.62 percent as some bond market experts predicted yields would continue to slide.
The CBOE Volatility Index , which measures options activity as a gauge of investor fear, surged as much as 15 percent.
Not all of the sentiment was as negative, with bulls arguing that the selling has been overdone and creating an opportunity.
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