A 1.4% drop on Thursday dragged the S&P 500 down 10.1% from its record close notched last month, bringing it officially into a correction. This is defined as a decline of at least 10% from a recent high. The 30-stock Dow and Nasdaq Composite slid 1.3% and about 2%, respectively, in the session.

U.S. stock futures rose on Friday as investors responded positively to news that the U.S. government won't shut down. Dow Jones Industrial Average futures rose 152 points, or 0.4%, to 41350. S&P 500 futures gained 31 points,

The S&P 500 was on track to enter correction territory not long after closing at a record on Feb. 19. It's not the first time that's happened. The market benchmark was down 1.6% on Thursday and trading below the 5529.