We observe time dependent variations in the light intensity transmitted through an aqueous suspension of Fe3O4 nanoparticles caused by applied DC magnetic field. Two types of variations can be distinguished. Fast response takes less than 1ms while slow variations occur at the time interval fromseconds to hundreds of minutes. Possible mechanisms of these variations are discussed. Formation of chain-like structures consisted from iron oxide nanoparticles is responsible for the slow variations. It is also accompanied by a diffraction pattern when the magnetic field is orthogonal to the light beam. Fast variations are due to particle rotation and reorientation of the magnetic moment inside a nanoparticle.