Stocks fell on Monday as investors remained concerned over the Federal Reserve's incoming tighter monetary policy actions, threatening a possible recession. The Dow Jones Industrial Average fell over 400 points, while the S&P 500 Index and Nasdaq Composite dropped about 1.7% and 2.2%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): -1.69% or -75.75 points to 4,412.53

Dow Jones Industrial Average (DIA  ): -1.19% or -413.04 points to 34,308.08

Nasdaq Composite Index (QQQ  ): -2.18% or -299.04 points to 13,411.96

Shopify plans 10-for-1 stock split, seeks 'founder share' for CEO:

Shopify (SHOP  ) announced Monday it is planning a 10-for-1 stock split and is seeking approval for a "founder share" for its CEO Tobi Lutke to increase his voting power. Upon approval, Shopify will authorize and issue a new class of non-transferable founder share to Lutke, providing him a total voting power of 40% when combined with his existing Class B shares.

"The shift to digital commerce has been supercharged over the last two years, permanently changing the landscape of our industry and positioning Shopify at a key inflection point in its growth story. As we look ahead, the Board undertook a careful review of Shopify's governance structure to ensure the Company is best positioned to capitalize on the massive opportunities for continued growth and value creation," Robert Ashe, lead independent director for Shopify, said in a statement. "Tobi is key to supporting and executing Shopify's strategic vision and this proposal ensures his interests are aligned with long-term shareholder value creation."

Twitter shares fall after Elon Musk abandons plans to join board:

Shares of Twitter (TWTR  ) declined on Monday, giving back some of last week's gains, after Tesla (TSLA  ) CEO Elon Musk chose not to join the board of the social media company after taking a nearly 10% stake.

"Elon's appointment to the board was to become officially effective [April 9], but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best," Twitter CEO Parag Agrawal said in a tweet Monday. "We have and will always value input from our shareholders whether they are on our Board or not. Wlon is our biggest shareholder and we will remain open to his input."

"There will be distractions ahead, but our goals and priorities remain unchanged," Agrawal added. "The decisions we make and how we execute is in our hands, no one else's."

Here's how benchmarks started trading after market open:

S&P 500 Index: -0.63% or -28.10 points to 4,460.18

Dow Jones Industrial Average: -0.29% or -100.65 points to 34,620.47

Nasdaq Composite Index: -1.19% or -162.58 points to 13,548.42