Nearly every S&P 500 stock is down on Monday in a rare occurrence on Wall Street

Published Mon, Jun 13 202211:30 AM EDTUpdated Mon, Jun 13 20224:20 PM EDT

Market sentiment has gotten so bad on Wall Street that investors on Monday were selling almost everything. Every single stock in the S & P 500 was down at one point during Monday's session, and only five stocks ended the day in the green. The worst-performing S & P 500 component was Signature Bank , which fell more than 13% as crypto prices got slammed. It's rare to see this type of indiscriminate selling in stocks. Even at the onset of the Covid-19 pandemic — when the market was under severe pressure — investors would see some stocks going higher on an intraday basis. This selling has extended well beyond the S & P 500, and stocks in general for that matter. At the New York Stock Exchange, roughly 20 stocks traded lower for every single advancing stock. In other words, more than 3,000 NYSE-listed names were down, while only about 155 advanced. Looking beyond the stock market, bond prices took a beating, pushing rates even higher. The iShares 20+ Year Treasury Bond ETF (TLT) , an exchange-traded fund that tracks the price of long-duration Treasurys, fell 2.56% — on pace for its worst day since May 5. Meanwhile, commodities ranging from gold to oil were also under pressure. Gold futures for August delivery dropped 2.6% to $1,827.60 per ounce, while West Texas Intermediate futures fell 2.2% to $118.01 per barrel. The silver lining to this sort of indiscriminate selling is it might precede a bounce higher in stocks. Technical analysts tend to look for washout events like these to signify that a possible short-term bottom may be forming. But, you'll be hard pressed to find anyone willing to call a bottom heading into this week's Federal Reserve meeting. The central bank is largely expected to raise rates by a half-point Wednesday. However, expectations for a 0.75 percentage-point increase are on the rise after last week's hotter-than-expected inflation report . Bottom line: Events like the ones seen Monday exhibit some hallmarks of market capitulation, but there could be even more selling later in the week, depending on what the Fed says regarding inflation and the economy.