Even in ugly stock market selloffs, there are often some reasons to be optimistic the action was overdone. 

That wasn't the case on Monday, which should worry the bulls who have clung to the hopes that a selloff in richly valued FAANG (Facebook (FB) , Amazon (AMZN) , Apple (AAPL) , Netflix (NFLX) and Alphabet (GOOGL) ) stocks is sector specific. The Dow Jones Industrial Average plunged more than 700 points at about 2:10 p.m. EST. The S&P 500 and Nasdaq Composite entered correction, marked by a 10% pullback from their late January highs. 

Facebook, Amazon, Apple and Alphabet are holdings in Action Alerts Plus

There was no one specific factor driving the market lower, just a convergence of events (trade war fears, tech regulation, etc.) weighing even heavily on the minds of already nervous investors. The broad-based carnage by various asset classes suggest the selling may not be finished this week.

Stock market is getting destroyed. Here's why you should be worried https://t.co/EMZHpvDjFP

— Brian Sozzi (@BrianSozzi) April 2, 2018

FAANG Stocks Get Rocked

The FANG+ Total Return Index fell 3.3% on Monday. One of the worst-performers on the session was Netflix (NFLX) , which dropped 5.1%. 

The index, which tracks the performance of names like Amazon and Apple, is now down more than 15% over the past month. 

Interest Rate Sensitive Stocks Tank

Homebuilder Toll Brothers (TOL)  3.3% drop paced declines in the housing sector. The SPDR S&P Homebuilders ETF (XHB) tanked about 3.2%. Meanwhile, the S&P Financials Index dropped 2.9%, touching its lowest level since Feb. 9.

Bitcoin Is Blown Up

So much for the bullish thesis on bitcoin. Bitcoin prices continued to be under pressure Monday after a weekend selloff took the crypto as low as $6,400. The selloff has been fueled by weak technical trading patterns and regulatory fears.

The Dow

28 of 30 Dow components were in the red on Monday, save for health insurer UnitedHealth (UNH)  and McDonald's (MCD) . The action in the health insurer is hardly encouraging as it likely reflects news that Walmart (WMT) may try to buy Humana (HUM) .

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