• The Dow Jones Industrial Average fell 414.23 points, or 1.81 percent, to 22,445.37, the S&P 500 lost 50.84 points, or 2.06 percent, to 2,416.58 and the Nasdaq Composite dropped 195.41 points, or 2.99 percent, to 6,333.00.

For the week, the S&P 500 fell 7.05 percent, the Dow dropped 6.87 percent, and the Nasdaq declined 8.36 percent.

For the second day in a row, more than 2,600 New York Stock Exchange and Nasdaq-listed stocks hit 52-week lows. The day before, nearly 3,000 stocks hit their low for the year, the most in any one day since October 2008.

Wall Street stocks fell sharply in volatile trading on Friday, with the Nasdaq confirming it is in a bear market, as concerns of slowing economic growth led investors to flee stocks in high-valuation sectors such as technology and communication services.

The major U.S. stocks indexes accelerated declines in the last hour of trading after White House trade adviser Peter Navarro said the United States and China might not reach a trade deal at the close of a 90-day negotiating window unless Beijing can agree to a profound overhaul of its economic policies.

The benchmark S&P 500 index, already on pace for its biggest percentage decline in December since the Great Depression, hit its lowest level since July 2017. It is now down 17.5 percent from its closing high on Sept. 20. The Dow Industrials fell to its lowest level since October 2017 and has declined 16.3 percent from its Oct. 3 closing high.

Navarro’s comments added to already-mounting concerns over political uncertainty and the possibility of a slowdown in economic growth.

• Asian stocks were cautious in Monday morning trade, following last week’s market turmoil stateside.

South Korea’s Kospi shed 0.56 percent in early trade, with industry heavyweight Samsung Electronics and chipmaker SK Hynix declining 0.52 percent and0.67 percent, respectively.

• Japanese banks will be closed in observance of the Emperor's Birthday.

Reference: CNBC, Reuters