Stocks on Wall Street closed sharply lower Monday, mirroring losses overseas and handing the S&P 500 index its biggest drop in four months. Worries about debt-engorged Chinese property developers—and the damage they could do to investors worldwide if they default—rippled across markets. Investors are also concerned that the U.S. Federal Reserve could signal this week that it’s planning to pull back some of the support measures it’s been giving markets and the economy. The S&P 500 fell 75.26 points, or 1.7 percent, to 4,357.73, its biggest drop since May. At one point, the benchmark index was down 2.9 percent, the biggest decline since last October. The S&P 500 was coming off two weeks of losses and is on track for its first monthly decline since January. The S&P 500 has gone an unusually long time without a pullback of 5 percent or more. The Dow Jones Industrial Average fell 614.41 points, …