Wall Street fell the most in nearly two years, continuing a global rout in financial markets, as fear worsens that the U.S. economy is slowing down.

The S&P 500 fell 3% Monday. The Dow Jones Industrial Average dropped more than 1,000 points, and the Nasdaq composite slid 3.4%.

That followed a 12.4% plunge for Japan's Nikkei 225, its worst day since 1987.

Worries over the economy are front and center after a series of disappointing reports, including a weaker-than-expected jobs report on Friday. Big Tech stocks, which have led the market to record after record this year, bore the brunt of the selling.