"It appears that softening economic data and disappointing earnings reports are contributing to a negative feedback loop," said chief market analyst at CMC Markets, Michael Hewson.
Investors will also be keen to hear what Fed Chair Janet Yellen has to say this week as she delivers two days of testimony on the economy before congressional committees Wednesday and Thursday.
The Fed chair's testimony comes as markets grow anxious about the health of the economy and the Fed's stated intention to continue on a rate hiking path.
But the markets have also priced out the possibility of a rate hike for this year, over concerns that the weakening economy and faltering financial conditions could give way to a recession. New York Fed President William Dudley this past week highlighted the Fed's concerns about financial conditions.
"Recent events do appear to have caused concern amongst some senior Fed policymakers with notable shifts in tone from Stanley Fischer, Deputy Fed Chairman, and the New York Fed's William Dudley in comments made last week," Hewson said