Stock Market Falls Deeper Into Bear Market Territory

After Monday's close, the S&P 500 officially was in a bear market after finishing -21.3% below its high from January (-20% is the threshold for a bear market).

Essentially what is happening is that investors are bracing for that 75-basis-point rate hike from the Federal Reserve that should be announced on Wednesday.

S&P 500 -0.38%

Dow Jones Industrial Average - 0.5%

Nasdaq +0.18%

If the rates aren’t done going up then the stock market’s not done going down - said Jim Paulsen, chief investment strategist at The Leuthold Group