U.S. stocks fell Monday as the Wall Street summer rally fizzled and fears of aggressive interest rate hikes returned to Wall Street.
The Dow Jones Industrials unloaded 445.89 points, or 1.3%, to 33,256.68.
The S&P 500 dropped 67.38 points, or 1.6%, to 4,161.10.
The NASDAQ Composite tumbled 250.57 points, or 2%, to 12,454.65.
Investors are anticipating what could be a volatile week of trading ahead of Federal Reserve Chairman Jerome Powell's latest comments on inflation at the central bank's annual Jackson Hole economic symposium.
Tech stocks declined on concerns over more aggressive rate hikes from the Fed. Amazon fell 2%.
Semiconductor stocks dropped with Nvidia down 2.4%. Shares of Netflix were 4% lower following a downgrade to sell from CFRA.
Treasury prices retreated a bit, raising yields to 3.03% from Friday's 2.98%. Treasury prices and yields move in opposite direction.
Oil prices gave up 77 cents to $90.00 U.S. a barrel.
Gold prices fell $13.50 to $1,748.20 U.S. an ounce.