US stocks drift lower at opening amid risk-off environment

On the first trading day of the week, major US equity indices drifted lower as investors await for fresh development surrounding Deutsche Bank issue.

Monday's fall came after Friday's strong rally led by reports that Deutsche Bank might be close to a settlement with the US Department of Justice probe for than the $14-billion figure discussed earlier. However, with a bank holiday in Germany, absence of any fresh news/development is dragging the stocks lower on Monday.

During early trade, the Dow Jones Industrial Average fell nearly 100 points to 18,210, while the broader S&P 500 index was off 11 points to 2,158. Meanwhile, tech-heavy Nasdaq composite was down 22 point and dropped below 5300 mark.

Meanwhile, a busy week of major economic releases, including the keenly watched non-farm payrolls on Friday, could also be one of the factors forcing traders to reposition themselves ahead of the key event risk and contributing to the selling pressure on Monday. 

Adding to this, concerns over 'hard' Brexit is also weighing on investor sentiment after UK Prime Minister Therese May on Sunday signaled over the timing of triggering Article 50, which would officially start the preocess of ending UK's relationship with the European Union.