U.S. stocks sagged on Monday, trailing hefty losses in Europe, on worries regarding global growth and drop in oil prices.
Still, there is uncertainty about global growth after the recent weak data from China and the United States.
S&P 500 index dipped 2.24 percent to 1,838.86, Dow Jones slipped 2.09 percent to 15,865.68 and Nasdaq Composite tumbled 2.89 percent to 4,237.05.
Shares in Wall Street faced a sell off on Friday after the release of mixed U.S. jobs report, where investors will focus on Fed Yellen’s testimony to Congress this week.
Euro STOXX 600 plunged 3.54 percent to 314.36, the lowest level in 16 months.
Crude oil dropped for a third consecutive session to trade around $30.05 a barrel from the session’s opening at $30.92.
Investors resorted to safe havens assets, led by the yen, bonds and gold.
The dollar index, which tracks the green currency’s movements versus a basket of major currencies, plunged to 96.70 after touching a high of 97.50.
