The S&P 500 fell 2.3 percent and is now down more than 10 percent from its 52-week high, entering correction territory. The broad index hit a record high on Sept. 21.


Seven of the 11 S&P 500 sectors are also down at least 10 percent from their respective 52-week highs, including energy, materials and financials. Around 80 percent of the index's stocks are also in a correction. The average stock market correction results in a 13.8 percent drop and lasts five months, according to Gluskin Sheff Research.

Larry Benedict, CEO of The Opportunistic Trader, said traders "don't want to be long heading into the weekend." He added: "S&P now down on the year and people are more afraid to be long today than they were when market was 10 percent higher."

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