“Investors are scared and confused, and if you are an emerging market equity investor, probably close to suicidal”.

“The stock market may drop further to seek a lower support”.

America’s stock market plunged dramatically Friday, marking its biggest loss of the year.

The downturn has exacerbated fears of a global economic slowdown, as markets ranging from the U.K.to China also entered correction after declining by more than 10% this week from recent highs.

The Dow Jones US Chemicals Index performed better than the industrial average, falling by 2.45% on Friday.

Losses in the S&P 500 were comparable, with the index retreating 64.84 points, or 3.19%, to 1,970.89 points.

The Standard & Poor’s 500 index, a broader benchmark, fell below the psychologically important 2,000 mark. The decline in the price of oil and other commodities might indicate there is less demand for such commodities because economies are slowing.

Yields on safe-haven U.S. Treasuries slipped further, with the benchmark 10-year note US10YT=RR rising 10/32 in price, pushing its yield down to 2.0487 percent.

The flash PMI, the earliest economic measure to be released about China each month, is closely followed by global investors for clues on the health of the economy.

Investors are wrangling with renewed concerns about China’s economy, the resignation of Greece’s prime minister, dropping oil prices and looming questions about when the Federal Reserve will raise interest rates, perhaps as soon as September. Earlier this month, its yuan currency weakened against the US dollar. As a result, the Fed may decide to wait until later in the year, or longer. The Aussie, which is seen as a proxy for the Chinese economy, has fallen about 1% in the past week. It came in at 47.1 points for August, compared with 47.8 points in July.

The reading was the worst since March 2009, the depths of the global financial crisis, and the sixth straight one below the 50-point level, which separates growth in activity from contraction on a monthly basis.

Markets have grown volatile since China made a surprise move last week to devalue its currency, the renminbi, by the biggest amount since 1994.

The market still speculates that the central bank would lower the reserve requirement ratio (RRR) to provide more liquidity. On Wednesday, it announced 110 billion renminbi, or about $17 billion, in new six-month loans to 14 unnamed financial institutions. Many analysts now think the central bank must respond more aggressively. Fresh data from China Friday showing weaker manufacturing added to the worries. Germany’s DAX index fell 2.3% to its lowest since January. The Nikkei in Tokyo was off 3 percent.

European shares also traded markedly lower Friday.

Apple has spiraled down more than 18 percent since May 20.

Tony Cross, an analyst with Trustnet Direct in London, said the FTSE could be heading for its worst week this year.

A monthly survey of business sentiment by Markit, a research firm, signaled a modest pickup in eurozone growth.

“In terms of the external environment, this is a pretty positive situation”, Diron said.

“Concerns about slowing growth in China are certainly valid”, said Jeremy Zirin, head of investment strategy at UBS Wealth Management. In addition, investors are bracing for an interest-rate increase in the United States.

Companies are struggling to bolster their revenue, for instance.

Oil’s torrid run of weekly losses is its worst since 1986 when OPEC ramped up production and sent it as low as 10 a barrel.