Wall Street kicked off the week on a sour note, with stocks and bitcoin tumbling as a risk-off attitude spread through markets.

The Dow was down 705 points, or 1.5%. The broader S&P 500 fell 1.39%. The tech-heavy Nasdaq Composite fell 1.45%.

Wall Street’s fear gauge, the VIX, jumped 15%. CNN’s Fear and Greed index traded in “extreme fear” and hit its lowest level since early April.

Tech stocks have come under pressure as concerns linger about expensive valuations and enormous spending plans by Big Tech, according to Mohit Kumar, chief economist and strategist for Europe at Jefferies.

Meanwhile, bitcoin slid on Monday and hovered just below $92,000, erasing its gains for this year. The cryptocurrency has tanked more than 25% in just six weeks after it hit a record high above $126,000 in early October.

Tech and crypto-related stocks led the S&P 500 lower on Monday. Coinbase (COIN), a crypto exchange, fell 8%.

The S&P 500 and Nasdaq on Monday dipped below their 50-day moving averages, according to FactSet. The 50-day moving average is a key threshold of support.

Stocks are coming off a volatile week. Tech stocks took a bruising last week before investors swooped in on Friday to buy the dip.

Investors this week are gearing up for a potential market-moving event: Nvidia (NVDA), the star of the AI trade, is set to report earnings on Wednesday. Nvidia shares fell 2.9% on Monday, weighing on the broader market.

“The monthly jobs report would normally dominate this week’s economic calendar, but with the AI trade struggling the past couple of weeks, Nvidia’s earnings are once again looking like a key piece of the market’s momentum puzzle,” Chris Larkin, managing director at Morgan Stanley’s E-Trade, said in an email.

The recent stock market rally is also being tested as investors adjust to the prospect that the Federal Reserve might pause its interest rate cut cycle at its policy meeting next month. Traders are pricing in a 45% chance that the Fed cuts rates in December, according to CME FedWatch. That’s down from a 94% chance one month ago.

Stocks have rallied on optimism about Fed rate cuts. Nerves are mounting that the central bank may prioritize concerns about stubborn inflation.

Investors this month have also rotated out of high-flying tech stocks and moved into sectors that have lagged behind and look relatively affordable.

“This rotation is both expected and welcome, as it should unwind some of the frothiness … and allow this bull market the opportunity to catch its breath before resuming its advance,” Sam Stovall, chief investment strategist at CFRA Research, said in a note.