Gartman believed that hawkish comments from Dallas Fed President Richard Fisher were the main catalyst for the "depressed" feeling in U.S. markets. On Friday, Fisher told CNBC that, in his view, the date for interest rate "liftoff" had been moved forward. He also added that more officials at the central bank were beginning to "digest his views."
Gartman added that the negative sentiment was accentuated by a payrolls number on Friday that was narrowly below expectations and a belief that wages in the country are picking back up. A pick up in wages could potentially lead to inflationary pressures which in turn could force a central bank to tighten policy sooner than expected.
Read MoreRates could rise 'early next year': Fed's Fisher
David Bloom, HSBC's global head of foreign exchange strategy, told CNBC Monday that market participants are squarely focused on the Fed's main benchmark rate and concerns that longer-dated debt yields could spike if the bank decides to tighten policy.