the S&P and Nasdaq are in correction -- A near-9 percent dive in China shares sent world stocks and commodity prices tumbling on Monday, and U.S. stocks ended a volatile day with the S&P 500 and Nasdaq composite indexes sliding into correction territory.

After dropping more than 1,000 points, or almost 7 percent, at Wall Street's open, the Dow Jones industrial average cut its losses but still finished down 3.6 percent. The Standard & Poor's 500 index closed down 3.9 percent for the day and was 11 percent lower than its May record high.

The benchmark S&P index has accumulated 9.95 percent of losses in just five sessions.

According to Reuters Sinead Carew