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• The Dow Jones Industrial Average .DJI fell 602.12 points, or 2.32 percent, to 25,387.18, the S&P 500 .SPX lost 54.79 points, or 1.97 percent, to 2,726.22 and the Nasdaq Composite .IXIC dropped 206.03 points, or 2.78 percent, to 7,200.87.

A holiday in the U.S. bond markets for Veterans Day kept trading volume muted. Volume on U.S. exchanges was 7.30 billion shares, compared with the 8.41 billion average over the last 20 trading days.

Wall Street’s major indexes tumbled on Monday as shares of Apple Inc (AAPL.O) and Goldman Sachs Group Inc (GS.N) dragged down the technology and financial sectors.

• In late-afternoon trading, the major indexes hit their lows of the day after Bloomberg News reported the White House was circulating a draft report on auto tariffs.

• Axios reported that President Donald Trump thinks threatening more tariffs on overseas-made cars is his best negotiating tactic on trade. The report said Trump has told aides he was able to get a better trade deal with Canada because he threatened Prime Minister Justin Trudeau with levies on cars made in Canada.

• Trump has considered slapping a 25 percent charge on cars made outside the U.S. since earlier in the year.

• Stocks in Asia fell in the morning on the back of the Dow Jones Industrial Average falling by more than 600 points overnight.

• Japan's Nikkei 225 fell 3.4 percent in early trade while the Topix index saw losses of 3 percent. Shares of Apple supplier Japan Display plunged 8.57 percent in the morning after the company reported its sixth straight quarterly operating loss and lowered its outlook, according to Reuters.

• The losses spilled over to South Korea, where the Kospi shed 2.12 percent. Shares of industry heavyweights saw a sharp pullback, as Samsung Electronics lost 2.88 percent while SK Hynix dropped 5.5 percent.

• The ASX 200 fell 1.76 percent in morning trade, with almost all sectors in negative territory. Energy stocks fell by 1.72 percent while the heavily weighted financial subindex saw losses of 2.32 percent.

Reference: Reuters, CNBC