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Stocks were sitting near session lows Wednesday, with the S&P flirting with the 1,400 level, following worries over weakness overseas and as a decline in oil prices pushed materials and energy sectors lower.

The Dow Jones Industrial Average was firmly in the red, led by Alcoa [ AA 9.85 -0.21 (-2.09%) ] and Caterpillar [ CAT 103.709 -4.351 (-4.03%) ], extending its loss from the previous session. Still, the blue-chip index is still on track to log its sixth-consecutive month of gains.

The S&P 500 and the Nasdaq also fell. The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped above 16.

All 10 S&P sectors were trading lower, led by materials and energy.

Despite the day’s selloff, stocks are still on track to log their best quarter since 1998.

“This is a good time for investors to rebalance their portfolios and take some profits,” said Mickey Cargile, founder and managing partner of Cargile Investment Management. “We don’t believe the strength in the first quarter will carry through into the second and third based on evidence that the economy is slowing.”