Stocks fall on rate hike fears | Bitcoin slips | A stock chart pattern portends further downside

Stocks fell on Monday as traders and investors weighed the likelihood of further rate hikes ahead. in response to Federal Reserve chair Jerome Powell's hawkish remarks last week.  

VIEW IN BROWSER | SUBSCRIBE MON, AUG 29, 2022 EVENING BRIEF AS OF MON, AUG 29, 2022 • 05:06 ET DJIA 32098.99 -0.57% -184.41 S&P 500 4030.61 -0.67% -27.05 NASDAQ 12017.67 -1.02% -124.04 Most Active DOW NAME LAST CHG %CHG AAPL 161.38 -2.24 -1.37% MMM 126.44 -2.70 -2.09% INTC 32.94 -0.42 -1.26% S&P 500 NAME LAST CHG %CHG AAPL 161.38 -2.24 -1.37% AMD 88.49 -2.69 -2.95% MMM 126.44 -2.70 -2.09% NASDAQ NAME LAST CHG %CHG PDD 66.04 +8.47 +14.71% AAPL 161.38 -2.24 -1.37% AMD 88.49 -2.69 -2.95% EDITOR'S NOTE Stocks slid on Monday as traders and investors weighed the likelihood of further rate hikes following Federal Reserve Chair Jerome Powell's hawkish remarks last week.     The Dow Jones Industrial Average slumped more than 180 points on Monday, while the Nasdaq Composite and S&P 500 fell. Investors shied away from growth stocks in particular, which are especially sensitive to rising rates.   At the same time, the yield on the 2-year Treasury note notched its highest level since 2007 before paring back those gains. Meanwhile, the dollar index touched a fresh 20-year high. Speaking at the Fed's annual economic symposium in Wyoming on Friday, Powell signaled that rate hikes will likely continue and "some pain" may lie ahead for the economy going forward. That move spooked investors, leading the Dow to drop more than 1,000 points.   According to Allianz's chief economic advisor Mohamed El-Erian, the move from Powell sets the stage for further volatility ahead. He said on CNBC's "Squawk Box" on Monday that investors should brace for more aggressive actions from central banks worldwide ahead.   "… I think there's more volatility ahead, but this is going to be a really interesting time for asset managers," he said. Samantha Subin | Associate Markets Reporter @samantha_subin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow closes 100 points lower as sell-off continues, surging Treasury yields reflect mounting rate fears NASA postpones Artemis 1 rocket launch as engine problem leaves timing of a next attempt uncertain Bitcoin briefly drops below $20,000 to lowest level since mid-July as investors dump risk assets DOJ says review of seized Trump documents is already done, suggests request for watchdog came too late A bearish chart pattern is forming in the S&P 500, pointing to even more downside, Bank of America says Expect Apple to show four new iPhones and an updated Apple Watch next week The consumer discretionary sector is outperforming this quarter. Here are analysts' favorite names Fed rate hikes won't bring down inflation as long as government spending stays high, paper says Honda and LG Energy Solution to build $4.4 billion EV battery plant in U.S. UN nuclear inspection team 'on its way' to Zaporizhzhia plant; Ukrainian forces begin counter-offensive to retake Kherson TOP VIDEO Semiconductor market signaling a surplus, says Bernstein's Rasgon CNBC PRO Hedge funds are rotating into Visa and several health care names in the market turmoil SPECIAL REPORTS 64% of consumers are worried about 'shrinkflation.' What it is and how to watch for it while shopping Education Dept. is exploring strategies to help 5 million 'overlooked borrowers' excluded from student loan forgiveness Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS