Wall Street struggles to capitalize on Bullard comments, Nasdaq erases more than 2%

Following a mixed start to the day, major equity indexes in the U.S. turned south and suffered heavy losses. Although St. Louis Fed President Bullard's dovish remarks provided a modest boost and helped the Dow Jones Industrial Average turn positive on the day, sellers seem to be staying in control of Wall Street. 

Bullard said that a Fed rate cut may be warranted soon amid risks surrounding the low inflation and the U.S:-China trade conflict.

At the moment, the Dow Jones Industrial Average is down 0.07% on the day and the S&P 500 is erasing 0.45%. Pressured by a sharp drop in technology shares, the Nasdaq Composite Index is losing more than 2% to lead the selloff.

Concerns over antitrust probes, both Google Alphabet and Facebook shares are erasing around 7% on Monday, causing the S&P 500 Communication Services Index and the Technology Index drop 3% and 2%, respectively. On the other hand, the Energy Index and Consumer Staples Index are adding around 1% to limit the losses of major indices.