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Illustration by Michael George Haddad

It’s getting ugly out there for the Dow Jones Industrial Average and other major market indexes. How ugly? Think 2008 ugly.

The Dow Jones Industrial Average has dropped 2.98% to start off the fourth quarter, the worst quarterly start since the fourth quarter of 2008. The S&P 500 is off 2.86% for the first two days of October, putting it on pace for its worst quarterly start since the fourth quarter of 2009. The Nasdaq Composite, meanwhile, has slumped 3.1%, putting it on pace for its worst start to a quarter since the fourth quarter of 2009.