For those Americans who woke up with a Superbowl-induced hangover, Wall Street can empathize.

A bitter taste from Friday's selloff pervaded markets on Monday, with investors continuing a panicked selloff amid risks that oil prices would remain low and earnings would decline.

Benchmark indexes had rebounded from the day's lows by the end of the session, but remained deep in the red. The S&P 500 was down 1.4%, and the Dow Jones Industrial Average slid 1.1%, or 178 points. The tech-heavy Nasdaq fell 1.8% after hitting an intraday low not seen since mid-2014.

Investors instead turned to safe-haven assets such as gold given there was no clear end in sight for the equity selloff. U.S. gold hit its highest level since June on Monday with spot gold climbing as high as $1,201 an ounce over the session. Gold has increased more than 12% since the beginning of the year.

U.S. stocks have been sliding since the beginning of the year on a laundry list of worries, including the U.S. economy, that propelled a decline of more than 10% in the S&P 500. The bad mood on Wall Street may persist through the week, with Chinese markets closed to celebrate the Chinese New Year and the U.S. calendar bare except for Federal Reserve Chair Janet Yellen's semi-annual testimony to Congress.

"The bottom line is even after Friday's selloff, the market is vulnerable to another period of heightened volatility, following a negative reaction to Friday's employment data," and increasing volatility," Todd Salamone, senior vice president of research at Schaeffer's Investment Research, wrote in a note.

Crude oil settled at a two-week low on Monday as oversupply concerns and weaker global growth kept commodity traders at bay. The fresh selloff comes after a meeting between Saudi Arabia and Venezuela over the weekend to discuss possible coordination to cut production, though no steps were announced to address the problem. West Texas Intermediate crude oil closed 2.6% lower at $30.09 a barrel. Prices have fallen 19% since the beginning of the year.

Uncertainty over the Federal Reserve's rate hike plans also contributed to downward momentum. Investors are concerned that the Fed will move forward with additional rate hikes following December's move even as the economy shows signs of weakness. The Fed's monetary policy committee had indicated at the time that as many as four hikes were possible this year, but the market is betting on only one.

"The markets will have their ear to the ground to listen for any clues as to whether Yellen still sees March as the correct timing for the next rate hike," said Chuck Butler, managing director of EverBank Global Markets. "She'll have all of the markets' attention, as the data cupboard is light this week and we have to wait until Friday to see January's retail sales."

Any chance of a boost likely lies with earnings reports. Sixty-five S&P 500 companies are set to report earnings this week, including 21st Century Fox (FOXA)  , after the bell on Monday. So far this earnings season, 72% of reports have beaten profit estimates, while sales have only outpaced expectations 48% of the time.

The season has been largely lackluster, particularly in tech, with industry giants such as Apple (AAPL - Get Report) reporting disappointing quarters. High-momentum tech stocks were among the worst performers on Monday. Amazon (AMZN - Get Report) , Microsoft (MSFT - Get Report) and Alphabet (GOOGL - Get Report) traded lower, while the Technology Select Sector SPDR ETF (XLK - Get Report) slid 2.1%.

Apple is a holding in Jim Cramer's Action Alerts PLUS charitable trust portfolio.

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The financials sector was the hardest hit on Monday. Bank of America (BAC - Get Report)  and Wells Fargo (WFC - Get Report) , both holdings in Jim Cramer's Action Alerts PLUS charitable trust portfolio, as well as JPMorgan (JPM - Get Report) , Goldman Sachs (GS - Get Report) and HSBC (HSBC) were sharply lower. The Financial Select Sector SPDR ETF (XLF - Get Report) tumbled 3.1%.