Stocks are getting whacked (SPY, DJI, IXIC, QQQ, SPX, USO, OIL, VDE, BNO, GMCR, CVX, OKE, SLB, CHK, CNX, IYE, IEO)

Getty Images / Tim Boyle

Stocks opened lower on Monday following a surge in the previous session, and crude oil headed towards new lows.

Near 10:53 a.m. ET, the Dow was down 184 points, the S&P 500 was down 20 points, and the Nasdaq was down 42 points.

The indexes closed out last week with small gains, supported by a surge in stocks on Friday after the November jobs report came in better than expected. The US economy added 211,000 jobs, and the unemployment rate was unchanged at 5%, a seven-year low.

Meanwhile, crude oil was still falling on Monday morning, following OPEC's indecision on Friday on a production quota, and the lifting of its output to 31.5 million barrels per day.

Brent crude collapsed 2% to a six-year low of about $41.78 per barrel, while West Texas Intermediate crude futures in New York fell about 4% to as low as $37.97, less than $1 from the year-to-date low of $37.75.

The energy sector was the biggest loser on the S&P 500 in early trading. Chevron was down 3%, the most among components of the Dow Industrial Average. The iShares Dow Jones US Oil & Gas Exploration and Production Index fell 5% to the lowest level in about two months. 

Other big individual losers included Consol Energy (-13%), Oneok (-11%), Chesapeake (-8%), and Schlumberger (-3%).Getty Images / Tim BoyleThe economic data calendar is light today and throughout this week.

The Fed's Labor Market Conditions Index, a composite of major indicators, came in at 0.5, missing expectations. 

Consumer-credit data are due at 3:00 p.m. 

Keurig Green Mountain shares popped 74% on news that the company is going private, and will be acquired by JAB Group for $92 per share. The price is a 78% premium from Keurig's closing level on Friday. 

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