Stocks tumbled on Monday, as traders expressed concerns on whether U.S. lawmakers would pass another fiscal stimulus bill to support the economy and as Europe put additional restrictions in place to fight the COVID-19 pandemic.

The Dow Jones Industrial Average dropped over 700 points or 2.4%, while the S&P 500 and Nasdaq Composite sank 1.8% and 1.4%, respectively.

Oil fell below the $40 per barrel level, a 3-week low making energy stocks the worst-performing group in the S&P.

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Investors are also preparing for the busiest week for S&P 500 earnings, with over one-third of companies reporting, including Amazon, Caterpillar and Exxon Mobil to name a few.

On the stimulus front, over the weekend, Speaker of the House Nancy Pelosi and White House chief of staff Mark Meadows both accused the other side of moving the goalposts. Pelosi, however, added an agreement "could happen" this week. Read more at FOX Business