U.S. stock prices were down in Monday's trading, as investors worried about the falling price of oil, slowing growth in China and troubles in the financial sector.
At the close of trading in New York, the NASDAQ slid 1.6 percent, the S&P 500 dropped 1.4 percent, and the Dow lost 1.1 percent.
European stocks also took a beating, with the CAC 40 in Paris down 3.2 percent, the DAX in Frankfurt losing 3.3 percent, and the FTSE in London dropping 2.7 percent.
Earlier, major Asian indexes posted gains. Japan's NIKKEI advanced 1.1 percent and Hong Kong's Hang Seng moved up nearly 0.6 percent.
The current state of the U.S. economy, as well as the outlook for interest rate increases, growth and unemployment, are on the agenda Wednesday and Thursday when Federal Reserve Chair Janet Yellen testifies before key congressional committees.
Treasury Secretary Jack Lew also will speak to members of Congress about President Barack Obama's budget and other economic issues this week.
In the meantime, investors will be assessing new data on retail sales, unemployment insurance claims and consumer sentiment.