US stocks fall sharply; energy sector sinks along with oil

U.S. stocks fell sharply in morning trading Monday, weighed down by steep losses in technology, financial and energy stocks.

Crude oil prices slumped again.

THE QUOTE: "Traders are worried that the financial market weakness that we're experiencing is going to lead to weakness in the real economy," said Jim McDonald, chief investment strategist at Northern Trust Wealth Management.

Several factors have investors in a selling mood this year, including falling crude oil prices and the economic slowdown in China and elsewhere.

Harman International Industries was down 4.5 percent on news that a former executive at the car audio and video systems' maker has been charged with insider trading by federal prosecutors.

Benchmark U.S. crude oil fell 55 cents, or 1.8 percent, to $30.34 a barrel in New York.