Wall Street ended lower on Thursday on renewed worries over the global economy. The S&P posted its biggest daily percentage loss in six weeks. 

The index dropped 1.2 percent, while the Dow Jones industrial average was down about 1 percent and the Nasdaq Composite down 1.5 percent.

The growth worries weighed especially on interest-rate sensitive financials. The group leading the fall of all 9 S&P sectors.

On the policy front, the latest Fed meeting minutes pointed to concerns about the central bank's limited ability to tackle a global economic slowdown.

Analysts now expect the earliest rate hike won't take place before June. Let's hear Peter Kenny, senior market strategist at Global Market Advisory Group.

"The global demand profile that we are seeing in the markets today, that is being priced into the markets today, is speaking to weakness not strength," said Peter Kenny, senior market strategist, Global Markets Advisory Group.

"There are several key areas of the world where we are seeing zero interest rates, negative interest rates. And that speaks to a lack of demand. That lack of demand is being priced into the U.S. equity markets now,"

"Now that we have the FOMC behind us and clearly some very dovish commentary and guidance moving forward, U.S equity markets are going to have to now pivot towards earnings. And the hope is that earnings are better than expected, significantly so."