Stocks tied closely to the health of the U.S. economy dropped sharply Monday despite strong data, a sign of the intense market fixation with the risk that the Federal Reserve will continue to raise interest rates throughout the next year.
Shares of big regional banks, which are particularly sensitive to the economic outlook, were among the biggest decliners. PNC Financial Services dropped 6.8%, Citizens Financial Group fell 5.3% and Regions Financial declined 5.1%.