Wall Street's major indexes each slid more than 1 percent on Monday on concerns about slowing growth and as DoubleLine Capital's Jeffrey Gundlach suggested that US stocks are in a bear market. In late afternoon trade, the Dow Jones Industrial Average fell 446.62 points, or 1.85 percent, to 23,653.89, the S&P 500 lost 48.5 points, or 1.87 percent, to 2,551.45 and the Nasdaq Composite dropped 137.66 points, or 1.99 percent, to 6,773.00.
Speaking in a CNBC interview, Gundlach, chief executive officer of DoubleLine Capital and known on Wall Street as the Bond King, also said that the Federal Reserve should not raise interest rates. His comments pushed US stocks to session lows.
The S&P 500 Financial sector index gave up its earlier intraday gains after Gundlach's comments and was last down 0.8 percent, though it still had the lowest percentage decline among the S&P 500's major sectors.
A profit warning from British retailer ASOS raised concerns about weakening consumer strength despite robust US retail sales data last week. The S&P 500 Retailing Index fell 3.2 percent, and shares of Amazon.com Inc dropped 4.1 percent. Amazon was the biggest drag on the Nasdaq and the second-biggest drag on the S&P 500.