Dow slumps 600 points to start the week, S&P 500 falls back into bear market territory

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 Industrial Average dropped 618 points, or 1.95%, the S&P 500 fell 2.7% and the Nasdaq Composite tumbled 3.5%.

There’s broad selling “and a little bit of fear as to whether the Fed is going to make a misstep and normalize rates too quickly and create a recession,” said Jeff Kilburg, chief investment officer of Sanctuary Wealth.

The S&P 500 hit a new intraday low for the year and its lowest level since March 2021. The benchmark is more than 20% from its record, back in bear market territory after trading there briefly on an intraday basis about three weeks ago.