The Dow Jones Industrial Average fell 164.31 points, or 0.52 percent, to 31,173.84. The S&P 500 decreased 44.95 points, or 1.15 percent, to 3,854.43. The Nasdaq Composite Index sank 262.71 points, or 2.26 percent, to 11,372.60.
Nine of the 11 primary S&P 500 sectors ended in red, with communication services and consumer discretionary down 2.8 percent and 2.76 percent, respectively, leading the laggards. The utilities and the real estate groups eked out modest gains.
A wave of corporate earnings is on deck, including reports from PepsiCo on Tuesday and Delta Air Lines on Wednesday, followed by bank giants JPMorgan Chase, Morgan Stanley, Wells Fargo and Citigroup later in the week.
The market will also turn its attention to the June U.S. consumer price index data slated for release on Wednesday.
"While inflation is currently at a 41-year high, it's unlikely to show a meaningful decrease in this next report, assuming we even see one," Kevin Matras, executive vice president at Zacks Investment Research, said Monday in a note.
For the week ending Friday, the Dow rose 0.8 percent, while the S&P 500 and tech-Heavy Nasdaq advanced 1.9 percent and 4.6 percent, respectively.
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