Higher inflation has been squeezing businesses and consumers, and the Federal Reserve is expected to combat it in 2022 by raising interest rates.
The benchmark index, which was down 2.8% in the early going, has been falling steadily ever since hitting a record high on the first trading day of the year, Jan.
The Nasdaq entered a correction last week and is now down more than 15% from its high set on Nov.
Major indexes had a similar start to trading on Monday and were down most of the day before a late buying spree pushed them to a higher close.
Even though the S&P 500 managed to eke out a gain after its roller-coaster ride on Monday, a measure of nervousness on Wall Street known as the VIX index remained high.
Futures contracts related to the VIX, meanwhile, indicate investors are preparing for a high level of volatility in the near term but less in ensuing months.