U.S. stocks dropped as European markets tumbled and oil fell for a third day, as the rout that sent the Nasdaq Composite Index to its lowest level since October 2014 deepened.

The Standard & Poor’s 500 Index dropped 1.3 percent to 1,855.91 at 9:33 a.m. in New York, after falling 3.1 percent last week. The Nasdaq Composite Index lost 1.8 percent. West Texas Intermediate crude futures sank 1.8 percent, after losing more than 4 percent and briefly falling below $30 a barrel.

The S&P 500 declined last week for the first time in three, with a jobs-day tumble on Friday turning into a full-blown selloff in stocks with the highest valuations. A rout in software and Internet companies sent the Nasdaq Internet Index to its biggest slump since 2011, with Facebook Inc. posting its steepest retreat in more than a year.

The Nasdaq Composite Index tumbled 5.4 percent last week, and the S&P 500 closed 12 percent below its all-time high set in May.

Source : Bloomberg