U.S. stocks fell Monday following the S&P 500′s worst week since March 2020, as investors awaited more corporate earnings results and a key policy decision from the Federal Reserve.
The Dow Jones Industrial Average lost about 862 points, or 2.5%, falling for a seventh straight day. The S&P 500 dipped 3.1%. The benchmark is down more than 10% from its intraday high. The Nasdaq Composite declined 3.7%, falling deeper into correction territory.
The market action Monday followed a brutal week on Wall Street in the face of mixed company earnings and worries about rising interest rates.
Monday’s pullback put the S&P 500 down more than 9% this month, on pace for its worst monthly decline since March 2020 and worst January performance ever. The Dow was also headed for its biggest one-month loss since March 2020, falling more than 7%. The Nasdaq, meanwhile, has dropped roughly 14% in January and is on pace for its worst month since October 2008 — when it plunged 17.7%.