US benchmark stock indices took a beating on Thursday, with the S&P 500 and Dow Jones Industrial down about 1.5% for much of the day.

Early losses came on the heels of another selloff in Shanghai, where slowing economic growth and trade tensions continue to weigh on equities.

Europe was also a source of uncertainty, as Brexit talks and Italy’s budget proposal both present opportunities for increased European Union tensions.

Stock losses deepened in New York after Treasury Secretary Steven Mnuchin announced that he will not be attending an investment conference in Riyadh, a sign that US-Saudi ties are being tested by the case of a missing journalist.

President Trump addressed Jamal Khashoggi’s disappearance after the trading day, suggesting that “it certainly looks” like the Washington Post contributor has been killed. He added that if Saudi Arabia is found responsible, he will consider “very severe consequences.”