Wall Street starts the week sharply lower amid disappointing revenue figures

Major equity indexes in the United States started the day deep in the negative territory following disappointing revenue data. As of writing, the Dow Jones Industrial Average was down 1.32% on the day while the S&P 500 and the Nasdaq Composite were losing 1.05% and 1.65%, respectively.

Ahead of the opening bell, chipmaker Nvidia announced that it lowered the expected revenue for the fourth quarter to $2.2 billion from $2.7 billion. The company's shares lost more than 15% and weighed on the S&P 500 Technology Index, which was last seen down 1.9%.

Additionally, Caterpillar shares fell nearly 10% after the company reported lower-than-expected earnings for the Q4 and pointed out to weak demand from China as the primary reason. The S&P 500 Industrials Index is the second-worst performing sector behind technology with a 1.6% loss. Among the 11 major S&P 500 sectors, only the Utilities Index stays in the positive territory in the early trade.