Stocks closed lower on Monday, giving up sharp gains from earlier in the day in a wild session that saw the Dow Jones Industrial Average travel more than 900 points. The S&P 500 closed in correction territory, down 10 percent from its recent high.

Traders blamed the possibility of more U.S.-China tariffs coupled with a drop in tech shares for the decline.

The Dow fell 245.39 points to 24,442.92, erasing a 352-point gain, as Boeing dropped 6.6 percent. At the lows of the day, the Dow was down 566 points before coming back shortly before the close. The 30-stock index also briefly dipped into correction territory.

The closed 0.7 percent lower at 2,641.25 after gaining more than 1 percent earlier in the day. The benchmark is now down 10.2 percent from its high reached at the end of September. The Nasdaq Composite fell 1.6 percent to 7,050.29 as shares of Amazon got pounded.

"I think this is an old-fashion tech wreck," said Mike Bailey, director of research at FBB Capital Partners. "Investors are reassessing growth prospects for next year."

Bloomberg News reported that the U.S. is planning on slapping tariffs on more Chinese products if upcoming talks between President Donald Trump and Chinese President Xi Jinping falter. Both countries have already implemented levies on billions of dollars worth of each other's goods.

Amazon and Netflix rolled over throughout the day, capping the stock market's gains; the stocks were down 6.3 percent and 5 percent, respectively. These losses offset strong gains from bank shares. J.P Morgan Chase and Wells Fargo both climbed more than 1 percent, while Goldman Sachs gained 1 percent. The SPDR S&P Bank ETF (KBE) surged 1.8 percent.