Markets were screaming red in Monday’s trading session, continuing a steep decline that started Feb. 1.

By 3:08 p.m. ET, the Dow Jones industrial average had fallen 1,032.95 points — or 4 percent — to 24,488.01. The S&P 500 fell 59.63 points, to 2,702.31, and the Nasdaq fell 230.51 points, to 7,010.41.

Moments later, the Dow fell as much as 1,500 points and had erased its gains for the year.

But for all the red across the charts, Wall Street analysts tried to quell worries.

“I don’t think this is the beginning of a major correction, but certainly the sentiment has changed,” Peter Cardillo, chief market economist at First Standard Financial, told The Post on Monday morning, when the market began its sharp drop.

By midday, the biggest losers on the Dow were ExxonMobil, down 5 percent, followed by Johnson & Johnson, down 3.3 percent, and Pfizer and Chevron, both down 2.9 percent.

Monday’s downward action comes amid worries of sharply climbing interest rates. The 10-year yield was at 2.8 percent Monday — the highest level in four years.

Adding to worries, now-former Federal Reserve Chair Janet Yellen appeared on CBS’ “Sunday Morning” and noted that stock prices were near historic highs.

“Well, I don’t want to say too high. But I do want to say high,” Yellen said in the interview, which was taped Friday — her last day in office — and aired Sunday.

Jerome Powell formally took over as Fed chair Monday morning, and was sworn in at 9 a.m.

The Fed is expected to raise interest rates three times this year, but many on Wall Street worry that even more rate hikes are in store. Data from the Labor Department on Friday showed hourly wages growing at the fastest rate since the recession, which fueled inflation worries.

“Obviously it’s all about rising rates and a fear of a Fed that’s going to be more aggressive,” Cardillo said.

Monday’s plunge comes after the Dow lost 666 points Friday — a 2.5 percent drop. It was the largest decline, on a percentage basis, since the UK voted to exit the European Union in June 2016.

But for much of the worry on Wall Street, some analysts say the market — which soared over the last 15 months with little interruption — is behaving normally.

“Historically, market has 10 percent moves top to bottom in nearly every year,” Bruce Bittles, chief investment strategist at Baird, told The Post.

“Looks like we are getting back to what is typical as opposed to last year’s historically low volatility,” Bittles said.