U.S. stocks on Monday suffered their sharpest decline in months.

The S&P 500 fell 1.7% to 4,357.73, marking its biggest decline since May 12. The Dow Jones fell 614.41 points to 33,970.47, marking a 1.8% drop, and its largest decline since July 19. The Nasdaq also fell 2.2% to 14,713.90. 

Each of the main 11 sectors saw sharp losses.

There were a number of reasons for the selloff. There are lingering fears of contagion sweeping markets from the China property market, rising COVID cases due to the Delta variant and September typically being a historically bearish month for investing. An approaching deadline to raise the debt ceiling has also drawn concerns.

The auto industry saw losses with shares of Ford (F) falling more than 5% and shares of General Motors (GM) dipping 3.8%. Energy stocks were also hit, with WTI crude oil falling 2%. APA Corp. (APA) dropped 6%, while Occidental Petroleum (OXY) and Devon Energy (DVN) both dropped over 5%. 

Big banks also faltered with shares of Bank of America (BAC) dropping 3.4% and JP Morgan Chase (JPM) falling nearly 3%.

The price of bitcoin also fell 8.21% to 43,616.08.