Stocks slipped on Monday as a financial crisis in Turkey that sent its currency tumbling last week worsened, dampening investor sentiment around the world.
The Dow Jones Industrial Average fell 125.44 points to close at 25,187.70, with Goldman Sachs and J.P. Morgan Chase both falling more than 1 percent. The 30-stock index also posted its fourth straight day of losses, its longest losing streak since June.
The S&P 500 declined 0.4 percent to 2,821.93 as materials and energy lagged, posting its first four-day losing streak since March. The Nasdaq Composite fell 0.25 percent to 7,819.71, but gains in Amazon and Apple rose 1 percent kept losses in check.
Materials dropped 1 percent, led lower by shares of Mosaic, which fell 3.6 percent. Energy shares also fell 1.2 percent as U.S. crude hit a seven-week low.
"Investors are generally going to be more cautious with a story like Turkey out there," said Jennifer Ellison, principal at BOS. "It's going to hold people off from taking significant risk for a short period of time ... but if you take a step back and look at the bigger picture, things are good."
The Turkish lira, which briefly tumbled more than 20 percent on Friday, reached a fresh record low on Monday before regaining some footing.
Tensions between the U.S. and Turkey increased last week after a Turkish delegation returned from Washington with no apparent progress on the detention of U.S. pastor Andrew Brunson, who is charged with supporting a group blamed for an attempted coup in 2016.
Larry Benedict, CEO of The Opportunistic Trader, said the move is being felt across the globe. "Markets across the board going from China all through Europe were lower," he said. Benedict added the market thinks this will work itself out, but added that investors may not be thinking about the potential negatives of the situation.