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STORY: Wall Street slid further into bear market territory on Monday as investors fretted that the Federal Reserve's aggressive campaign against inflation could throw the U.S. economy into a sharp downturn.

After two weeks of mostly steady losses on the U.S. stock market, the Dow was on the verge of confirming it has been in a bear market since early January. The S&P 500 confirmed in June it was in a bear market, and it was on track to end the session below its mid-June closing low, extending this year's overall selloff.

With the Fed signaling last Wednesday that high interest rates could last through 2023, the S&P has relinquished the last of its gains made in a summer rally.