The Dow nosedived by 310 points almost two hours after the US stock market opened for business, falling to 24,645.99, according to data from Bloomberg. It marks the latest in a string of losses for the US stock index after a turbulent week has seen the Dow lose over 1,000 points so far since Monday. As of 16:15 GMT, the Dow Jones is down 296.13 points and is trading at 24,651.54. Shares in major technology companies are the main mover behind the loss this afternoon, with Facebook, Amazon, Netflix and Google-parent Alphabet all trading lower.
Facebook shares were down 0.20 percent, while Amazon shares tumbled by 1.51 percent at the time of writing.
Netflix was down by 3.77 percent and Alphabet shares had dropped by 1.90 percent.
Apple shares were also hit today by a 2.23 percent loss.
The S&P 500 was down 0.78 percent, while Nasdaq Composite lost 1.44 percent.
Analysts are blaming recent market losses on rising fears of a trade war between Washington and Beijing, fuelled by the detention of a Chinese executive in Canada.
Meng Wanzhou, chief global finance officer of Chinese telecoms company Huawei, was arrested by Canadian authorities on December 1 over alleged violations of US sanctions, reports say.
She is set to appear in a Vancouver court later today for a bail hearing as she awaits possible extradition to the United States.
Her arrest came just days after the US and China agreed to a 90-day truce in their trade war.