Dow slumps over 600 points in worst day since June

U.S. stocks fell sharply on Monday as consumer discretionary and technology sectors led the broad market lower.

The Dow Jones Industrial Average plunged 643.13 points, or 1.91 percent, to 33,063.61. The S&P 500 decreased 90.49 points, or 2.14 percent, to 4,137.99. The Nasdaq Composite Index shed 323.65 points, or 2.55 percent, to 12,381.57.

The three major indexes had their worst daily drops since June, according to Dow Jones Market Data.

All the 11 primary S&P 500 sectors ended in red, with consumer discretionary and technology down 2.84 percent and 2.78 percent, respectively, leading the losses.

Wall Street is awaiting Federal Reserve Chairman Jerome Powell's speech on Friday at the central bank's Jackson Hole symposium.

A slew of economic highlights are also on investors' radar, including U.S. new home sales on Tuesday, durable goods orders on Wednesday and the personal consumption expenditures index on Friday.

"Uncertainty over the outlook for economic growth, inflation, and central bank policy remains high, and the range of potential outcomes is broad," UBS analysts said in a note on Monday.

"We think equity markets are likely to stay volatile, and we tilt our exposure toward defensives, quality-income, and value," they said.

For the week ending Friday, the Dow slipped 0.2 percent, while the S&P 500 and the Nasdaq fell 1.2 percent and 2.6 percent, respectively.