S&P 500 e-minis were down 12.75 points, or 0.45 percent and Nasdaq 100 e-minis were down 40.25 points, or 0.54 percent.
"Problems in emerging markets are more important than ever because of the global growth engine that emerging markets have become", Peter Cecchini, chief market strategist at Cantor Fitzgerald in NY, wrote in a note.
The Nasdaq Composite Index increased 4.66 points, or 0.06 per cent, to 7,888.33.
Dropbox fell 6.2 percent despite a better-than-expected quarterly report.
The dollar rose against most major currencies as investors bet global trade tensions and a robust US economy would continue to support the currency.
Seven of the 11 major S&P sectors were higher, with the materials sector leading the gains as aluminum prices rose.
The dollar index rose 0.44 percent, with the euro down 0.52 percent to $1.1550.
About 6.7 billion shares changing hands on USA exchanges. It was down 29.07 points, or 0.11 percent, at 25,554.68.
The energy sector was the biggest loser, dragged down by Occidental Petroleum, the largest Permian producer, which boosted its capital expenditure.
Sinclair (SBGI.O) dropped 2.4 percent after Tribune Media (TRCO.N) ended its $3.9 billion deal to be acquired by Sinclair and filed suit.
Bookings Holdings fell 5.9 percent and weighed the most on the S&P and the Nasdaq after it forecast third-quarter profit below expectations.
Meanwhile, tech giant Intel lost 2.6 per cent after its shares were downgraded to "sell" due to what Goldman Sachs called "manufacturing issues".
"You have banks losing because the 10-year U.S. Treasury (yield) came down".
Chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry, saying upside to estimates is hard to come by.
Meanwhile, in the USA, the dollar strengthened, gaining 0.68%.
Declining issues outnumbered advancers for a 1.63-to-1 ratio on the NYSE and for a 1.06-to-1 ratio on the Nasdaq.