S&P 500 fall continues

Stocks have been under pressure since the end of August, when aggressive U.S. Federal Reserve policy showed that the central bank would not stop even the potential risk of a recession in an effort to meet its priority of lowering inflation.

Tim Griskey, senior portfolio strategist at Ingalls & Snyder, New York, said the market will remain weak while the Fed carries on with raising rates and investors don't expect rate hikes to stop.

Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, said he sees the worst-case scenario of 3,000 as a support level for the S&P.

He added that the Federal Reserve system's actions are of concern to people as well as the direction of interest rates, the state of the economy, and the fact that reporting season is coming up in the next couple of weeks and companies will report lower-than-expected earnings.

Jacobsen, senior investment strategist at Allspring Global Investments, said we'll be waiting tensely for the numbers to show first, and then for earnings, because the jobs report is coming out on Oct. 7, and the inflation report is coming out next week.