The Nasdaq dropped more than 1 percent in afternoon trading on Monday and technology shares led the market lower as investors remained concerned about weakness in the economy.

The Dow Jones industrial average <.DJI> lost 18.24 points, or 0.14 percent, to 12,577.51. The Standard & Poor's 500 Index <.SPX> shed 4.53 points, or 0.34 percent, to 1,333.24. The Nasdaq Composite Index <.IXIC> slid 31.57 points, or 1.12 percent, to 2,796.90.

(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)