Technology stocks led a global downturn on Monday, after a selloff in U.S. stocks on Friday hit market confidence.
"The momentum meltdown continues to be the story," said Art Hogan, chief market strategist at Wunderlich Securities. "There is money on the sidelines waiting for some oft these popular, cult-like names to fall," Hogan added.
The Nasdaq fell another 0.8 percent in the early minutes Monday after Friday's 2.6 percent decline, though by 10:15 a.m. it had made back all of those losses and turned positive. Momentum names led the initial decline, with tech notables like Facebook and Priceline opening lower.