Stocks have opened the final trading day of the month in the red.
The Dow is down 185 points, the S&P 500 is down 26 points, and the Nasdaq is down 73 points.
Each of the major indices is down more than 1%, with the Nasdaq down 1.6%.
Of the 30 components in the Dow Jones Industrial Average, only Coca-Cola is higher, with shares of the soft drink giant up just 0.1%.
U.S. stocks are taking their lead from stocks around the world, as markets in Asia overnight slumped and stocks in Europe are lower.
In London, the FTSE 100 is down 0.2%, while the CAC in Paris is down 1% and Germany's DAX is down 1.2%.
On Wednesday night, Argentina defaulted on $1.3 billion worth of debt owed to a group of hedge fund creditors. This is the country's second debt default since 2001.
Troubled Portuguese bank Banco Espirito Santo reported a $3.6 billion loss and suspended staff because of "harmful management" linked to the bank's exposure to certain Espirito Santo family holdings.
In U.S. economic news, initial jobless claims came in in-line with expectations at 302,000, as the four-week moving average of initial claims fell to its lowest level since April 15, 2006.
The latest Chicago PMI report came in worse than expected, plunging to 52.6 in July from 62.6 in May. Economists were expecting the report to show a rise to 63.0.
Corporate earnings are still rolling in, with some of the notable stock movers following their reports including Whole Foods, down 4.5% in morning trade after reporting sales that missed expectations.
Shares of Yelp were also down 9% after the company on Wednesday night reported that it turned a profit for the first time since going public.
Yum! Brands was down 5% after the company on Wednesday night disclosed that it was the subject of an investigation fro regulators in China after reports surfaced of improper handling practices by one of its chicken suppliers in the country. Yum! said it was not sure if this probe would affect its results.
Last night, Samsung reported that profit in the second quarter declined because of falling smartphone sales. Samsung blamed competition from other smartphone makers and blamed increased costs in the production of its flagship Galaxy S5 phone.
SEE ALSO: Wall Street's Brightest Minds Reveal The Most Important Charts In The World