Wall Street Struggles For Traction

The Dow lost almost 200 points on Monday, while the S&P 500 and the Nasdaq 100 were down nearly 1% each, as investors await a slew of economic data to gauge the economy's health and the Fed's next move.

Last week wrapped up with a stronger-than-expected payroll report, which has thrown some cold water into expectations for a less aggressive tightening despite markets still seeing an 80% chance that the US central bank will hike rates by 50 basis points in December.

Still, evidence of rising wage pressures could lead the Fed to keep increasing rates to higher levels than markets are currently expecting.

Meanwhile, Tesla dropped more than 2% after warning about a cut in the December output of the Model Y at its Shanghai plant.

On the flip side, US-listed Chinese companies, including Alibaba Group and JD.com, enjoyed some respite of hopes for a swifter reopening of China's economy.