Stocks fell sharply Monday, pushing the S&P 500 to a fresh 52-week low, as the market sell-off continued and traders struggled to find their footing from last week’s big market swings.
The Dow Jones Industrial Average dropped 450 points, or 1.4%. The S&P 500 fell 2.4%, while the Nasdaq Composite lost 3.3%.
The S&P 500 traded as low as 4,003.17 on the day, as all sectors except for consumer staples dipped into the red. Amid the losses, the benchmark 10-year Treasury note yield hit its highest level since late 2018, trading well above 3%.
“This is significant repricing, this is significant dislocation and this is all being spurred and driven by Federal Reserve policy,” said Jeff Kilburg of Sanctuary Wealth. “The only way I see us finding the bottom in equities short-term, the only way I see markets healing is if the Fed has the ability with the tools in their toolbox to calm down interest rates. The 10-year note needs to go back under 3%.”
Rising rates continued to crush technology names such as Meta Platforms and Alphabet, which fell more than 4.3% and 1.7%, respectively. Amazon, Apple and Netflix all fell nearly 3%, while Tesla and Nvidia dipped more than 6%.