Now it’s America's turn: Dow opens 7% down after day of markets falling worldwide

The US markets are following their Asian and European counterparts into a deep plunge. Shares of oil producers have dropped by double digits after opening amid a 30 percent fall in crude price.

Dow Jones slid by almost 1,900 points, or 7.29 percent, prompting a 15 minute pause in trading on the New York Stock Exchange.

The stock prices of Exxon Mobil and Chevron dropped by over 14 percent.

S&P 500 and Nasdaq plunged by over 7 percent on Monday too.