Closing Report: GM Recalls Millions; S&P 500 Suffers Worst Day Since Brexit

U.S. stocks suffered from a sharp selloff to end the week as chances of a September hike increased. Crude oil was also a drag on markets, closing with losses of more than three percent. The oil selloff pulled the energy sector into the red to rank among the worst-performing industries. Major oilers Exxon Mobil (XOM) - Get Report , Shell (RDS.A) , Chevron (CVX) - Get Report , BP (BP) - Get Report and Total (TOT) - Get Report each ended the day with losses. General Motors  (GM) - Get Report slumped on news it will recall nearly 4.3 million vehicles globally. The affected models were found to have faulty software that made air bags and seat belts ineffective. Networking-tech company Finisar (FNSR) - Get Report ended with big gains after besting first-quarter profit and sales estimates. A strong quarterly performance inspired analysts at MKM Partners to upgrade to BUY. TheStreet's Keris Lahiff reports from Wall Street.