The S&P 500 and the STOXX Europe 600 both fell 5.6 percent.
Oil fell over 10 percent.
The rising number of COVID-19 cases weighed down markets last week and may continue to do so this week.
In Europe, new cases doubled over the past five weeks and propelled the total number of infections to over 10 million on Sunday.
France, Germany and the United Kingdom have announced nationwide lockdowns for at least the next month.
In contrast, in the US, which is seeing a continuing rise in COVID-19 cases with Midwestern states experiencing record hospitalisations, nationwide action to limit the spread has been limited of late.
“We have hospitalizations going through the roof,” said Wisconsin Governor Tony Evers on Sunday. “We absolutely need somebody that understands that this is an issue, it’s a thing. People are dying.”
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