U.S. stocks fell Monday as the summer rally continued to wane and fears of aggressive interest rate hikes returned to Wall Street.
The Dow Jones Industrials unloaded 420.6 points, or 1.3%, to 33,286.08.
The S&P 500 dropped 64.75 points, or 1.5%, to 4,163.73.
The NASDAQ Composite tumbled 227.14 points, or 1.8%, to 12,478.08.
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 concern 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.
European markets experienced steep declines, driven in part by worries of rising inflation and higher interest rates around the world.
On the earnings front, traders are expecting Palo Alto Networks and Zoom Video to report results Monday after the bell.
Treasury prices retreated a bit, raising yields to 3% from Friday's 2.98%. Treasury prices and yields move in opposite direction.
Oil prices stumbled $3.57 to $87.20 U.S. a barrel.
Gold prices fell $15.30 to $1,747.60 U.S. an ounce.