The Dow Jones Industrial Average fell sharply Monday, in its worst day since June, as the summer rally fizzled out and fears of aggressive interest rate hikes returned to Wall Street.
The 30-stock index spiraled lower 643.13 points, or 1.9%, to 33,063.61.
The S&P 500 retreated 90.49 points, or 2.1%, to 4,137.99. It was the worst day of trading since June 16 for the Dow and the S&P 500.
The NASDAQ Composite tumbled 323.64 points, or 2.6%, to 12,381.57.
Those losses come on the back of a losing week, that snapped a four-week winning streak for the S&P 500. Still, the broader market index remains 13% above its June lows.
Tech stocks declined on concerns over more aggressive rate hikes from the Fed. Amazon fell 3.6%. Semiconductor stocks dropped with Nvidia down 4.6%. Shares of Netflix were 6.1% lower following a downgrade to sell from CFRA.
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.
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 inched lower 10 cents to $90.67 U.S. a barrel.
Gold prices fell $14.50 to $1,748.40 U.S. an ounce.