Stocks are now following oil lower.
In afternoon trade, the Dow was down 70 points, the S&P 500 was down 9 points, and the Nasdaq was down 28 points.
Oil was also making new lows on Monday morning, with Brent crude falling more than 3% to nearly $US66 a barrel. WTI crude futures were down more than 3% to below $US64 a barrel.
Stocks in Europe were also trading lower, with markets in the UK and France down 0.8% and Germany’s Dax down 0.5%.
In stock news, the big event on Monday was the release of McDonald’s November same-store-sales, which fell more than expected in November, declining 2.2% against expectations of 1.7%.
In the US, the story is even worse for the fast-food giant, with same-store-sales falling 4.6% in November. The chain hasn’t recorded positive same-store-sales growth in the US in over a year.
Shares of McDonald’s were down more than 3.5% on Monday.
The economic data flow is quiet on Monday, with the market paying closest attention to the release of the Federal Reserve’s latest Labour Market Conditions Index. That declined to 2.9 in November from 3.9 in October.
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