Wall Street took a pounding overnight, as investors panicked about how a deceleration in the Chinese economy would manifest as slower global growth.
The sell-off saw the Dow Jones Industrial Average fall to its lowest level so far this year, while the S&P 500 Index erased all of its gains for the year.
Shares in Disney slumped almost 6 per cent and Time Warner lost 4.4 per cent, after brokerage downgrades for those firms.
Apple fell almost 2 per cent, following a report that showed smartphone sales in China dropped for the first time on a quarterly basis, in the second quarter.
By the close, the Dow had lost 358 points, or 2.1 per cent to 16,991.
The S&P 500 hit a five-month-low, closing 2.1 per cent lower at 2,036, and the Nasdaq plunged 2.8 per cent to 4,877.
IG’s chief market strategist Chris Weston said the steep fall in previously solid US share markets should be a big warning sign for investors.
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