Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.Background: New lockdowns are being imposed in Europe as nations exceed daily infection records and COVID-19 cases also surge across the United States.Details: Stock indices in Germany, France and Italy fell over 3% on Wednesday.The S&P 500 fell 3.5%, while the Dow Jones Industrials Average dropped 3.4% (or 940 points). The Nasdaq sunk 3.7%.Oil prices fell more than 5%.What they're saying: "There's some concern that there could be another round of global shutdowns — maybe not as pervasive as the ones we saw in spring, but enough to put a dent in economic growth," Sameer Samana, global market strategist at Wells Fargo Institute, told Axios earlier this week.Worth noting: The S&P 500 has dropped over 5% so far this week (the worst since March), per CNBC. Historically, the stock market performs well in the week leading up to Election Day.