U.S. stocks traded sharply lower on Monday as global growth concerns weighed on investors.
The Dow Jones industrial average fell nearly 400 points in afternoon trade, led by Goldman Sachs and Home Depot. The S&P 500 dropped 2.7 percent while the Nasdaq touched its lowest level since June of 2014.
"Earnings are miserable and continue to drive the market sell-off," one of Wall Street's top strategist told CNBC's"Power Lunch" on Monday.
"The operative phrase for fourth quarter earnings seems to be 'better than feared'. That doesn't translate well for hibernating animal spirits, but it is rousing a few bears," said Richard Madigan, chief investment officer at J.P. Morgan Private Bank, with $1 trillion in client assets under management.
"Greed right now is sidelined. We are back to levels where most individual investors have rebuilt investment portfolios to pre-crisis levels. The cash they have sidelined is money waiting to go back into core bonds, not add to equity positions."