The Dow Jones Industrials withered 187.19 points by noon to 34,533.93.
The S&P 500 lost 53.88 points to 4,434.42
The NASDAQ Composite subtracted 248.45 points, or 1.8%, to 13,462.55.
Concerns over higher interest rates have spurred investors to drop more risky assets, such as tech stocks that led losses on Monday.
Microsoft declined 3.8%. Semiconductor stocks such as Nvidia doffed 5.3%, and Advanced Micro Devices fell 4.3%.
Oil prices dropped on Monday amid fears that COVID lockdowns in China would depress global demand. International benchmark Brent crude declined 3.2% to trade at $99.45 per barrel. Meanwhile, West Texas Intermediate crude futures dropped 3%, to trade at $95.33 per barrel.
Energy stocks declined as a group. Occidental Petroleum is down 4.7%, Diamondback Energy is down 4.3% and ConocoPhillips fell 4%.
To be sure, airline stocks bucked the broader market’s negative trend, as Delta Air Lines spiked 4%. Alaska Air Group was up 2.7%, American Airlines Group jumped 2.8%, Southwest Airlines ticked upward 2.6% and United Airlines Holdings jumped 2.6%.
Meanwhile, AT&T popped 5.7% after spinning off its old WarnerMedia to merge with Discovery. JPMorgan analysts liked the decision, giving AT&T an overweight rating and saying the stock is now trading at a discount.
Twitter’s stock was on the move after CEO Parag Agrawal revealed that Elon Musk abandoned his plan to join the company’s board.
Treasury prices fell as yields increased to 2.76%, from Friday’s 2.71%. Treasury prices and yields move in opposite directions.
Oil prices doffed $4.48 to $93.78 U.S. a barrel.
Gold prices jumped $16.10 to $1,961 U.S. an ounce.