The sell-off of U.S. stocks in 2022 gained intensity Monday as investors dumped risky assets like equities in anticipation of a less friendly Federal Reserve.

Monday’s pullback put the S&P 500 down roughly 10% this month, on pace for its worst January performance on record. The Dow was also headed for its biggest one-month loss since March 2020, falling more than 7%. The Nasdaq, meanwhile, has dropped about 14% in January and is on pace for its worst month since October 2008 — when it plunged 17.7%.