Dow slumps 362 points, health care stocks sink

A trader wearing a 'Dow 26,000' hat works on the floor of the New York Stock Exchange in New York

The 364-point dive was the worst one-day point drop since a 610-point drop on June 24, 2016, when markets were shaken by Britain's vote to exit the European Union.

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The CBOE Volatility index, widely considered the best fear gauge in the stock market, rose 6.86 percent to 14.79.

Meanwhile, the Federal Reserve kicked off its latest two-day monetary policy meeting on Tuesday.

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The Dow Jones industrial average dropped 241 points and briefly fell 352 points, with UnitedHealth as the biggest decliner.

Health care was the worst-performing sector in the S&P, a selloff driven by news that JPMorgan Chase (NYSE:JPM), Berkshire Hathaway (NYSE:BRKA) and Amazon.com (NASDAQ:AMZN) are teaming up to address rising medical costs for employees.

"Investors are getting a bit anxious about inflation which has led some people to believe that the Fed might be more aggressive when it comes to raising rates", said Robert Pavlik, chief investment strategist at SlateStone Wealth. The S&P 500 fell 7 points, or 0.23%, to 2,866.

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Among earnings, Pfizer shares fell 3 percent.

Earnings so far have been stronger than expected. Among companies that have reported so far, 80 percent are exceeding analysts' expectations, according to Thomson Reuters data. The Nasdaq Composite Index was down 20 points, or 0.3%, to 7,485.

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