Major stock markets on Wall Street extended losses during Monday's trading session amid expanding concerns the Federal Reserve will keep hiking interest rates, pulling the United States economy into a recession.

The Dow Jones sank 1.08% or 380 points, while the Nasdaq 100 lost 1.35% or 162 points and the S&P 500 fell by 1.44%. The euro and the pound recorded losses against the dollar amid better-than-expected ISM service sector data released earlier today.

In business news, VF Corp. led the decline in S&P 500 after downgrading its full-year guidance and announcing a CEO change. Tesla's stock plummeted over 5% on rumors COVID-19 lockdowns in China hit its production lines.