Wall Street sank on concerns about slowing growth.
Investors followed the lead of DoubleLine Capital's CEO Jeff Gundlach, who said in an interview with CNBC, that U.S. equities are in a long-term bear market and that the Federal Reserve should not raise rates this week.
Comprehensive Wealth Management, president, John Vento: (SOUNDBITE) (English) COMPREHENSIVE WEALTH MANAGEMENT, PRESIDENT, JOHN VENTO, SAYING: "There is a lot of uncertainty in the market.
One is the fact that there's a trade war with China, which President Trump is trying to work out a better deal for the U.S. The other big thing going on right now, of course, is interest rates.
Later this week, the Fed is meeting.
It's expected that they're going to raise rates.
Personally, my feeling is that they're going to signal that they've already reached the level, the neutral level." Retail stocks tumbled after British online fashion retailer ASOS's warning led to concerns over consumer spending.
Amazon sank as well.
It was the biggest drag in the Nasdaq.
The S&P healthcare index dropped as a result of a federal judge ruling the Affordable Care Act unconstitutional.
Insurer UnitedHealth Group got hit the most.
Goldman Sachs fell on criminal charges against the bank in Malaysia.
Johnson & Johnson continued its slide after a Reuters report that it knew for decades of asbestos in its Baby Powder.
European shares tumbled on ASOS and worries about weakening consumer strength.