The has lost well over $1 trillion in market value just three trading days into February.

On Monday, the index closed nearly 6.2 percent lower for February. At that level, the benchmark stock index has lost $1.6 trillion in market capitalization since the close on Wednesday, Jan. 31, according to CNBC data. The S&P briefly was down more than 5 percent for February before recovering slightly to close 4.1 percent lower.

Google parent Alphabet, Wells Fargo, Berkshire Hathaway, Apple, Microsoft and ExxonMobil have seen the biggest losses, with each name losing at least $30 billion from their market capitalization since Jan. 31. Alphabet lost more than $75 billion in market value.

The S&P 500 on Monday erased gains for the year so far. Stocks have sold off sharply in the last week as traders worried about rising interest rates.

— With reporting by CNBC's Chris Hayes.