U.S. stocks hit session lows in afternoon trading as possible Fed moves weigh on investors

All three major U.S. stock indexes dropped to New York session lows Monday afternoon as investors came to terms with the prospect of continued rate hikes by the Federal Reserve. Dow industrials DJIA, -2.04% fell more than 600 points, or 1.8%, led by shares of Intel Corp. The S&P 500 SPX, -2.26% was down 2% and the Nasdaq Composite COMP, -2.64% slumped 2.4%. Strategists and analysts said investors were accepting the likelihood that policy makers will need to continue to be aggressive in order to bring down persistent inflation.