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Stocks fall broadly on Wall Street, extending market losses

Pedestrians walk past the New York Stock Exchange on July 8, 2022, in New York. Stocks are opening broadly lower on Wall Street, extending the market’s losses. Losses last week broke a four-week winning streak for the S&P 500. The benchmark index was down 1.4% in the early going Monday, Aug. 22, 2022 led by more declines in big technology companies. (AP Photo/John Minchillo, File)
Pedestrians walk past the New York Stock Exchange on July 8, 2022, in New York. Stocks are opening broadly lower on Wall Street, extending the market’s losses. Losses last week broke a four-week winning streak for the S&P 500. The benchmark index was down 1.4% in the early going Monday, Aug. 22, 2022 led by more declines in big technology companies. (AP Photo/John Minchillo, File) Pedestrians walk past the New York Stock Exchange on July 8, 2022, in New York. Stocks are opening broadly lower on Wall Street, extending the market’s losses. Losses last week broke a four-week winning streak for the S&P 500. The benchmark index was down 1.4% in the early going Monday, Aug. 22, 2022 led by more declines in big technology companies. (AP Photo/John Minchillo, File)

By DAMIAN J. TROISE and ALEX VEIGA / Associated Press 3 min read

Another broad stock market sell-off on Monday deepened Wall Street’s losses from last week, leaving the S&P 500 with its biggest slide since mid-June.

The benchmark index fell 2.1%, nearly doubling its losses from last week, when it broke a four-week winning streak. The Dow Jones Industrial Average slumped 1.9% and the Nasdaq dropped 2.5%.

Among the eight publicly traded companies headquartered in the Chattanooga area, share prices fell at all but Covenant Logistics, which ended Monday unchanged. Shares fell 6.9% for the carpet maker Dixie Group, the stock price of trucking company U.S. Xpress Enterprises dropped 5.3% Monday, and floorcovering manufacturer Mohawk Industries ended Monday with its stock down 4.5%.

The latest market slide comes as investors grapple with uncertainty over when the highest inflation in decades will ease significantly, how much will the Federal Reserve have to raise interest rates in order to get it under control and how much will the rate hikes slow the economy.

Wall Street will be looking for insight into these unknowns later this week, when the Federal Reserve holds its annual meeting in Jackson Hole, Wyoming.