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Around midday New York time, the Dow was down 320, S&P 500 off around 35, and the Nasdaq down around 50. That followed on from tough trading conditions in Asia and Europe. 
Boeing fell as much as 10% after reports the SEC is looking into its accounting practices, taking the Dow down with it.  Solar firm SunEdison is getting punished for the second day in a row. 'Risk-off' trades like gold and US Treasuries are going crazy.
And, instead of cheering multi-billion dollar takeovers, investors now seem to find themalarming.
There are some funds delivering returns despite the volatile market, with computer-driven hedge funds outperforming. Bill Ackman, on the other hand, is getting annihilated. 
On Wall Street, Morgan Stanley is paying a $3.2 billion fine for a precrisis 'magic' trick, HSBC has canceled its pay freeze, and Goldman Sachs president Gary Cohn has noticed a change in mindset in Silicon Valley. 
In non-finance news, the first discovery of two colliding black holes fundamentally changed our perception of the universe.
So there is that. 
Here are the top Wall Street headlines at midday:
KYLE BASS: There's a 'ticking time bomb' in China - Hedge fund manager J. Kyle Bass, the founder of Dallas-based Hayman Capital, has a warning about a "ticking time bomb" in the Chinese banking system.
Yet another sign the US economy isn't heading for recession ... - On Thursday morning the latest report on initial jobless claims in the US — a weekly survey on how many people have filed for unemployment insurance — fell to 269,000, lower than expected by the markets and a clear sign that the labor market is still strong.
The market for diamonds is totally messed up right now - It's a good time to talk about how messed up the world's diamond supply dynamics are right now.
Musk on the Model X: 'We over-engineered the car' - Tesla CEO Elon Musk told investors that the Model X SUV's delays were caused by the vehicle's extreme complexity.
JetBlue wants to invest in startups - JetBlue Airways will launch a Silicon Valley-based venture capital subsidiary.