Stocks tumbled Monday, pushing the S&P 500 back into bear market territory, as the major averages came off their worst week since January.
The Dow Jones Industrials handed back 693.41 points, or 2.2%, to 30,699.38.
The S&P 500 stumbled 118.68 points, or 3%, to 3,782.18.
The S&P 500 hit a new intraday low for the year and its lowest level since March 2021. The benchmark is off nearly 22% from its record, back in bear market territory after trading there briefly on an intraday basis about three weeks ago.
The benchmark now sits more than 20% from its January record close with all stocks trading in the red. If it finishes there on Monday, it will confirm a bear market to many on Wall Street.
The NASDAQ Composite plunged 432.29 points, or 3.8%, to 10,907.74.
Monday's selloff was broad based, with roughly 26 New York Stock Exchange-listed stocks trading lower for every advancer.
Shares of Boeing were off 8%, Dow lost 6%. Salesforce descended 6% and Chevron fell more than 5% dragging down the Dow. Beaten-up tech shares also took a hit with Netflix, Amazon and Nvidia down more than 6% as the NASDAQ touched a fresh 52-week low and its lowest level since November 2020.
Travel stocks also slipped on Monday, with Carnival Corporation and Norwegian Cruise Line down about 10% each. Delta Air Lines lost 7% while United also fell more than 9%.
The Federal Reserve is expected to announce at least a half-point rate hike on Wednesday. The Fed has already raised rates twice this year, including a 50-basis-point (0.5 percentage point) increase in May in an effort to stave off the recent inflation surge. Though some economists after the hot CPI report believed the Fed could even raise rates by 0.75% this week.
Treasury prices fell sharply, raising yields to 3.35% from Friday's 3.16%. Treasury prices and yields move in opposite directions.
Oil prices reversed their ground and gained 36 cents to $121.03 U.S. a barrel.
Gold prices withered $45.60 to $1,829.90 U.S. an ounce.