U.S. stocks opened lower Monday, extending a selloff that saw the Dow Jones Industrial Average on Friday log its worst daily percentage drop since October 2020 as investors prepared for aggressive Federal Reserve rate increases and other measures aimed at quickly tightening monetary policy in response to soaring inflation. China over the weekend moved to expand COVID-19 lockdowns, contributing to a global equity market selloff as investors fled to safe asset, like Treasurys and the U.S. dollar.