NEW YORK (AP) — Energy stocks are leading another sell-off on Wall Street as the price of oil continues to plunge.

U.S. crude dropped 2 percent to just under $28 a barrel in New York early Wednesday. Dropping energy prices is a sign that the global economy is slowing down.

Oil and gas stocks fell more than the rest of the market in early trading. Chesapeake Energy sank 8 percent and Devon Energy fell 7 percent.

IBM dropped 6 percent after the struggling tech giant reported another drop in revenue.

The Dow Jones industrial average lost 280 points, or 1.8 percent, to 15,731.

The Standard & Poor's 500 index fell 31 points, or 1.7 percent, to 1,849. The Nasdaq composite gave up 74 points, or 1.7 percent, to 4,402.