Stocks fell sharply Monday, pushing the S&P 500 to breach the 4,000 level for the first time in more than a year as the market selloff continued.
The Dow Jones Industrials withered 653.67 points or 2%, to 32,245.70.
The S&P 500 slid 132.1 points, or 3.2%, to 3,991.24. dipping below the 4,000 mark to its lowest level since March 2021 and pulling back 17% from a 52-week high as traders struggled to bounce back from last week's big market swings.
All sectors except for consumer staples dipped into the red.
The NASDAQ Composite thundered lower 521.41 points, or 4.3%, to 11,623.25.
Rising rates continued to crush technology names such as Meta Platforms and Alphabet, which fell more than 3.7% and 2.7%, respectively. Amazon fell 5%, Apple lost 3% and Netflix ditched 4%, while Tesla and Nvidia plunged more than 9%.
The combination of high rates and a potential recession as inflation surges also hit other areas of the market. Consumer stocks like Nike suffered along with industrials such as Caterpillar and Deere. Bank stocks also came under pressure with Bank of America falling more than 3%.
Boeing marked the biggest loser in the Dow, plunging more than 10% followed by energy bellwether Chevron which slipped 6.7% as U.S. oil futures continued to slide.
3M, Walmart, Amgen and Home Depot remained bright spots in the market, posting gains despite the broader selloff.
Treasury prices leaped, with yields dropping to 3.03% from Friday's 3.13%. Treasury prices and yields move in opposite directions.
Oil prices slumbered $7.37 to $102.40 U.S. a barrel.
Gold prices fell $30.00 to $1,852.90 U.S. an ounce.