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 610.01 points, or 1.9%, to 30,782.78.
The S&P 500 darted lower 95.75 points, or 2.4%, to 3,805.11.
The S&P 500 hit a new intraday low for the year and was off nearly 21% 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. If it finishes there on Monday, it will confirm a bear market to many on Wall Street.
Monday's selloff was broad based, with roughly 26 New York Stock Exchange-listed stocks trading lower for every advancer.
Shares of Boeing dropped 5%, Salesforce more than 4% and Chevron more than 3%, dragging down the Dow. Beaten-up tech shares also took a hit with Amazon, Netflix and Nvidia all down at least 4% as the Nasdaq touched a fresh 52-week low. Just four S&P 500 stocks traded in the green.
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.
The NASDAQ Composite plunged 326.84 points, or 2.9%, to 11,340.02.
Treasury prices swooned, raising yields to 3.28% from Friday's 3.16%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.15 to $119.52 U.S. a barrel.
Gold prices withered $44.10 to $1,831.40 U.S. an ounce.