Stocks only deepened their losses on Monday afternoon, bringing the market's latest rally to a swift end. The Dow shed a whopping 643 points, while both the S&P 500 and Nasdaq finished deep in the red as well, with all three major benchmarks marking their worst single-day percentage losses since June 16. Interest rate hike fears weighed on the tech sector, and investor anxiety may be ratcheted up all week, ahead of Federal Reserve Chairman Jerome Powell's Friday speech at the annual Jackson Hole symposium.

The Dow Jones Average (DJI - 33,063.61) shed 643.1 points or 1.9% for the day. All 30 Dow members were lower today, with Intel (INTC) pacing the laggards with a 4.4% drop.

The S&P 500 Index (SPX -4,137.99) fell 90.5 points or 2.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,381.57) lost 323.6 points or 2.6% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 23.80) added 3.2 points or 15.5% for the day.

GOLD EXTENDS LOSING STREAK AHEAD OF FED COMMENTS

Oil prices settled lower on Monday, but managed to erase steeper losses due to tight crude supplies, as spare production capacity stands at historic lows. Meanwhile, natural gas prices surged to a 14-year high. October-dated crude, which is now the front-month contract, shed 8 cents, or almost 0.1%, to close at $90.36 per barrel on the day.

Gold prices were lower as well, extending their losing streak for their sixth consecutive session to close at their worst level since late July. Weighing on the safe-haven metal was a stronger U.S. dollar ahead of Fed Chairman Jerome Powell's comments this week. December-dated gold fell $14.50, or 0.8%, to close at $1,748.40 an ounce.

More By This Author:

Week Off To A Rocky Start As Dow Extends Morning Rout
S&P 500 Snaps Weekly Win Streak As Dow, Nasdaq Sink
Stocks Deep In The Red As "Fear Gauge" Perks Up