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.