The markets extended its losses during the midday with the Dow sinking 156 points to 16,835 as Germany's industrial output dropped 4% in August. Nasdaq tumbled 40 points to 4,414.

On the upside

IFM Investments (NYSE: CTC) entered a strategic cooperation agreement with SouFun Holdings (NYSE: SFUN).

RXi Pharmaceuticals (Nasdaq: RXII) reported encouraging preliminary results from a Phase 2a clinical trial of its hypertrophic scar treatment RXI-109.

Shares of Petrobas (NYSE: PBR) continued rising as pro-business Brazilian presidential candidate Aecio Neves tightens the race.

On the downside

Christopher & Banks (NYSE: CBK) lowered its revenue outlook for the third quarter.

ACGO (NYSE: AGCO) cut its earnings guidance for the third quarter and full year.

Shares of Conns (Nasdaq: CONN) continued falling after announcing yesterday that it was exploring strategic options.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 dropped 13 points to 1951. Bitcoin slipped $5 to $328.