Banks weigh on Wall Street after new Russia sanctions; Dow falls 440 points

The S&P 500 fell 44.39 points, or 1.01%, to 4,340.26, the Nasdaq Composite slipped 81.87 points, or 0.60%, to 13,612.75

Wall Street's main indexes headed lower on Monday, with bank stocks leading the drop, after the West hit Russia with unprecedented sanctions following its invasion of Ukraine.

JPMorgan Chase & Co, Bank of America and Goldman Sachs all shed close to 3%, dragging down the S&P 500 banks index by 2.7%. The wider financial index dropped 1.9%, falling the most among the 11 major S&P sectors.

Russia's rouble tanked to record lows, world stock markets fell and safe-haven assets got a boost after the Western allies imposed new sanctions that limited Moscow's ability to deploy its $630 billion foreign reserves and cut