The Dow Jones Industrial Average dropped 546 points, a 2.13 percent decline.
Three of the biggest American banks–JPMorgan Chase, Citigroup, and Wells Fargo–will report their third-quarter results Friday.
Their stocks declined Thursday, with J.P. Morgan Chase falling 3 percent, Citigroup dropping 2.2 percent, and Wells Fargo sliding 1.9 percent.
The broader financial sector was the second worst of the S&P’s 11 sectors, with energy the worst.
In the final hours of trading, stocks appeared to be staging a comeback after news broke that President Donald Trump would meet with China’s dictator in November.