The long weekend was but a temporary reprieve for markets, as today's first trading session after the holiday saw the continuation of massive losses across major stock indices.

The Dow Jones Industrial Average was down 632 points, the Nasdaq fell 465 points, and the S&P 500 shed 95 points. While, according to Bloomberg, the sell-off began with technology stocks (with Tesla being the biggest victim, its stock having plunged by 35 percent), it did not remain there, as all sectors of the market, such as crude oil, were affected.

Matt Maley, chief market strategist at Miller Tabak, was quoted by CNBC as saying that the pain won't stop here: While the current chaos has dented stocks severely, he believes they remain overvalued and that a correction of 10 percent seems plausible. Marketwatch quoted Andrew Parlin, founder and chief investment officer of investment advisory Washington Peak, who said he believes we are seeing the end of a bubble where wildly exaggerated stock stories forced a delinking between fundamental analysis and share prices. He noted that the conditions prior to this sell-off highly resembled the environment at the height of the dot-com bubble.