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 odds of a 'June Swoon' straight to 3,400 have gone up significantly, in our view," wrote Jonathan Krinsky, technical analyst for BTIG.
Shares of Boeing, Salesforce and Dow fell more than 8%, 5% and 3%, respectively, dragging down the Dow. Beaten-up tech shares also took a hit with Netflix, Amazon and Nvidia down more than 5% as the Nasdaq touched a fresh 52-week low and its lowest level since November 2020. Meanwhile, short-term rates jumped as investors still reeling from a hotter-than-expected inflation report on Friday braced for the Federal Reserve to raise rates later in the week.reaching its highest level since 2007
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