Wall Street tumbled on Monday as the three major stock indexes ended deep in negative territory. The possible bankruptcy of a large Chinese property developer, uncertainty of any shift in the Fed’s existing monetary policies and a discord in Washington over debt ceiling, led to a sharp fall in U.S. stock markets.How Did The Benchmarks Perform?The Dow Jones Industrial Average (DJI) fell 1.8% or 614.41 points to close at 33,970.47, marking its worst daily decline since Jul 19. Notably, just 1 components of the 30-stock index ended in the green while 29 in red. At its session low, the blue-chip index was down more than 970 points.The tech-heavy Nasdaq Composite finished at 14,713.90, sliding 2.2% or 330.06 points due to weak performance by large-cap technology stocks. This was the tech-laden index’s worst daily performance since May 12.Meanwhile, the S&P 500 moved down 1.7% to end at 4,357.73, reflecting its biggest single-day drop since May 12. The Energy Select Sector SPDR (XLE), the Financials Select Sector SPDR (XLF), the Consumer Discretionary Select Sector SPDR (XLY) and the Communications Services Select Sector SPDR (XLC) tanked 3.1%, 2.3%, 2.3% and 2%, respectively. All eleven sectors of the benchmark index closed in negative territory.The fear-gauge CBOE Volatility Index (VIX) jumped 23.6% to 25.71. At its session high, the fear-gauge climbed to 28.79, its highest since May. A total of 12.24 billion shares were traded on Monday, higher than the last 20-session average of 9.89 billion. Decliners outnumbered advancers on the NYSE by a 5.40-to-1 ratio. On Nasdaq, a 4.66-to-1 ratio favored declining issues.Global Stock Markets DeclineGlobal stock markets including U.S. stock markets fell sharply yesterday following news that a large Chinese property developer, the China Evergrande Group, is in possible bankruptcy. The company faced a debt payment on its offshore bonds last week and said that it is suffering from unprecedented difficulties. It has more than $300 billion of offshore bonds.Fearing a recession in the Chinese property development market, metal stocks, especially the steel stocks suffered a blow. Shares of steel majors like Nucor Corp. NUE and ArcelorMittal MT plunged 7.6% and 7.8%, respectively. Nucor sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Crude oil prices have also dropped fearing a Chinese economic downturn that will weaken the global economic recovery. The global benchmark - the Brent crude price fell more than 1% while the U.S. benchmark – the WTI crude dropped nearly 2%. As a result, shares of APA Corp. APA and Devon Energy Corp. DVN plummeted 6.1% and 5.4%, respectively.Fearing a global slowdown, market participants have shifted funds from risky assets like equities to safe-haven government bonds. Consequently, bond prices rose and the yield on the benchmark 10-Year U.S. Treasury Note fell 6.1 basis points to around 1.308%. Lower market interest rate led to a fall in financial giants like The Goldman Sachs Group Inc. GS and JPMorgan Chase & Co. JPM that fell 3.4% and 3%, respectively.Fed’s FOMC Meeting and Government Debt Ceiling in FocusThe Federal Reserve will conduct its next FOMC meeting on Sep 21-22. After the close of the event, the Fed Chairman Jerome Powell will give a statement regarding the outcome of the meeting. Investors are keenly waiting for the central bank’s decision about any sort of tapering of its ongoing $120 billion per month bond-buy program.Investors are also concerned as the deadline to raise the government debt ceiling approaches. Lawmakers need to clear the bill to avoid any kind of government shut down. Moreover, the discontent among lawmakers about the Biden administration’s proposed $3.5 billion spending plan and new taxation rule is another concern.Economic DataThe National Association of Home Builders reported that its monthly confidence index increased one point to 76 in September, terminating a losing-streak of three consecutive months.Stocks That Have Made HeadlineConocoPhillips' $9.5B Accord to Boost Permian PresenceConocoPhillips COP announced an agreement to purchase all Royal Dutch Shell plc’s (RDS.A) assets in the Permian, the most prolific basin in the United States. (Read More) 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Devon Energy Corporation (DVN): Free Stock Analysis Report ConocoPhillips (COP): Free Stock Analysis Report Royal Dutch Shell PLC (RDS.A): Free Stock Analysis Report APA Corporation (APA): Free Stock Analysis Report ArcelorMittal (MT): Free Stock Analysis Report Nucor Corporation (NUE): Free Stock Analysis Report To read this article on Zacks.com click here.