The Dow Jones Industrials dropped 437.31 points or 1.3%, to 32,402.06.
The S&P 500 slid 82.88 points, or 2%, to 4,040.46, as all sectors except for consumer staples dipped into the red
The NASDAQ Composite thundered lower 327.79 points, or 2.7%, to 11,819.75.
Rising rates continued to crush technology names such as Meta Platforms, which fell more than 4.3%, and Alphabet, down 1.7%.
Amazon, Apple and Netflix all fell nearly 3%, while Tesla and Nvidia dipped more than 6%.
The combination of high rates and a potential recession as inflation surges also hit other areas of the market. Consumer stocks like Nike suffered along with industrials such as Caterpillar and Deere. Bank stocks also came under pressure with Bank of America falling more than 3%.
Boeing marked the biggest loser in the Dow, plunging more than 7% followed by energy bellwether Chevron which slipped 5.5% as U.S. oil futures continued to slide. Amgen, Walmart, Home Depot and 3M remained bright spots in the market, posting gains despite the broader selloff.
On the earnings front, Palantir cratered 21% on weak revenue guidance and BioNTech gained 5.8% following a strong quarter. First-quarter earnings season is slowing down, but there are several notable reports including Walt Disney and Occidental Petroleum slated for later in the week.
In other corporate news, Rivian shares plunged nearly 15% after media reports Ford is looking to sell eight million shares in the electric vehicle maker.
Treasury prices were higher, with yields dropping to 3.09% from Friday’s 3.13%. Treasury prices and yields move in opposite directions.
Oil prices slumbered $5.81 to $103.96 U.S. a barrel.
Gold prices fell $22.40 to $1,806.40 U.S. an ounce.