US stocks slammed during opening hour as Trump-trade fades

On the first trading day of a new trading week, major US equity indices opened sharply lower amid growing skepticism over the Trump administration's ability to implement pro-growth fiscal policy changes after the Republican health-care plan was scrapped ahead of a House vote on Friday.

Adding to this, weaker oil prices, with WTI crude oil trading with loss of over 1%, were seen putting pressure on energy stocks. Meanwhile, persistent selling pressure around financials, in wake of the ongoing slide in the US treasury bond yields, further collaborated to Monday's sharp slide in equity markets. 

At the time of writing, the Dow Jones Industrial Average was down nearly 170-points to 20,430, while the broader S&P 500 Index fell around 20-points to 2,324. Meanwhile, tech-heavy Nasdaq Composite lost over 50-points and dropped below 5,800 mark.

With no relevant fundamental drivers, in-terms of major market moving economic releases, investors on Monday will remain focused on Fedspeaks for some fresh impetus. The Chicago Fed President Charles Evans and Dallas Fed President Rob Kaplan are scheduled to speak later during the NY session.

In currency markets, fading Trump-reflation trade weighed heavily on the greenback, with the key US Dollar Index plummeting below the 99.00 handle to its lowest level since Nov.