NEW YORK (TheStreet) -- Losses accelerated in the stock market on Monday as global growth fears continued to weigh on Wall Street in what is expected to be a quiet day for investors.
No economic data is due for release, and the bond markets and federal offices are closed for Columbus Day. Earnings season won't ramp up until Tuesday. With little impetus to move higher, stocks were following last week's playbook that saw markets crater after the International Monetary Fund warned of global growth concerns.
The S&P 500 slid 0.56%, slipping below its 200-day moving average of 1,905. Commodity chemicals and airlines were the two worst-performing sectors of the index.
The Dow Jones Industrial Average was down 0.31%. The Nasdaq tumbled 0.96%, weighed down by large-cap index members Telsa (TSLA) - Get Report and Netflix (NFLX) - Get Report , both of which fell more than 3%.
"On a strategic basis I firmly believe that we are in a secular bull market that has eight to 10 years left to run," wrote Raymond James' chief investment strategist Jeffrey Saut in a note.
"However, on a tactical basis there have been numerous negative divergences ever since the U.S. dollar began its upward moon shot in July," he added. "While markets can do anything, and it doesn't necessarily mean such a [10-12%] pullback has to happen, in this business you play the odds or they carry you out in a box."
CSX (CSX) - Get Report shares were the best-performing of the S&P, spiking 11.6% after reportedly rejecting a merger offer from Canadian Pacific Railway (CP) - Get Report . The combined company would have had a market cap of $62 billion. Virginia railroad company Norfolk Southern Corp (NSC) - Get Report was rising 3.6% on buzz surrounding the ground logistics sector.
J.C. Penney (JCP) - Get Report added 4.1% on news it had named Home Depot (HD) - Get Report executive Marvin Ellison as its next CEO and president, replacing Mike Ullman, who has led the retailer's turnaround efforts. The department store chain recently warned of lower September sales, a continuing trend even as the company tries to revamp the brand.
Atlas Energy (ATLS) and Atlas Pipeline (APL) were surging 17.3% and 2.8%, respectively, after Targa Resources Partners (NGLS) agreed to acquire the oil companies for $5.8 billion, which includes $1.8 billion of debt.
Shutterfly (SFLY) - Get Report was slipping 12% after a potential deal to be acquired by private-equity firm Silver Lake reportedly fell through, according to Bloomberg. An offer could have valued Shutterfly at more than $50 a share.
--Written by Keris Alison Lahiff in New York.