TheStreet Live

U.S. stocks opened lower on Monday, as investors continued to digest the shocks from last week's historic Brexit vote. The pound lost 2 percent against the dollar as investors flooded safe-haven currencies like the Japanese Yen. Meanwhile, U.S. listed shares of European banks moved sharply lower. Barclays fell 21 percent, trading at a seven year low. Rivals Deutsche Bank and the Royal Bank of Scotland also posted steep declines. Finally, Federal Reserve Janet Yellen cancelled an appearance at a European Central Bank conference in Portugal on Wednesday. Bank of England Governor Mark Carney also pulled out. Both were expected to answer tough questions about Brexit. TheStreet's Scott Gamm reports from Wall Street.

Stocks tanked in their worst two-day selloff since August. The financials sector slumped as major banks face regulatory uncertainty after the U.K. voted to exit the EU. Crude oil prices closed at their lowest level in a week as fears over the Brexit reached a crescendo. Those fears helped to strengthen the greenback which then deters foreign buyers for U.S.-produced oil. S&P cut the U.K.'s sovereign credit rating to AA from AAA due to Friday's vote. The firm said the pro-exit result would lead to a less predictable and stable policy framework. Wynn Resorts fell after delaying the opening of its Macau resort to August. The $4 billion resort had initially been projected to open in June. The project hit a snag as gambling revenue in the region suffers a protracted downturn.

Stocks extended their declines, piling on heavy losses suffered at the end of last week, as markets continued to react to the pro-exit vote from the U.K. All benchmark indexes are now negative for 2016. Traders fled from risky equities into safe-haven assets such as gold. The commodity was in the midst of its best rally in seven years. Gold producers such as Randgold Resources , Barrick Gold and Newmont Mining were all sharply higher. Credit Suisse cut its price target on McDonald's , noting that the restaurant chain is far more vulnerable to the Brexit outcome than its peers. McDonald's generates 37% of its revenue from Europe. Medical device maker HeartWare surged after Medtronic agreed to a deal valued at $1.1 billion.

Britain has voted to leave the European Union. Global stock markets are plummeting and the British pound has fallen to a 30 year low. Gold is almost the only market trading higher as investors seek a safe haven. U.S. futures are pointing to sharp losses at the open and crude oil has fallen 4%. Banks are among the stocks getting hit the hardest. Shares of Goldman Sachs (GS) sank more than 6% while Morgan Stanley has dropped more than 7%. Morgan Stanley has issued a statement today that the British decision will have a significant impact on its business-the full impact of which wont' be known for quite some time. Analysts say that the British vote has implications for the United States presidential election. The British vote shows that elites are losing ground and we're seeing a populist uprising, some economists say. Republican presidential candidate Donald Trump was a backer of "Brexit' and has issued a statement this morning saying a Trump administration pledges to strengthen ties with a free and independent Britain. We do expect to hear reaction from Democrat president candidate Hillary Clinton later today.

Wall Street entered panic mode after a pro-"Brexit" vote sparked worries over political and economic instability across the pond. Volatility spiked, while the S&P 500 slipped into the red for 2016. Currency volatility brought on by the 'Brexit' results punished crude oil prices. West Texas Intermediate endured losses of nearly 5%, settling near session lows even after a weekly read on active U.S. oil rigs showed the first decline in a month. Traders rushed from risky investments such as equities to safe-haven assets including gold. That benefited those in the industry, including Barrick Gold , Newmont Mining Corp , and Eldorado Gold which all ended higher. Ford was another casualty of the U.K. vote. The U.S. automaker said it would take whatever action is needed to keep British competitiveness alive.

Global markets, including Wall Street, were in freefall as the pro-exit results of a British referendum sent equities, crude oil, and currencies into a spiral. The Dow saw its biggest decline in ten months, while the S&P 500 declined by its most since September. Large fluctuations in the currency markets pulled crude oil prices sharply lower. A higher U.S. dollar relative to foreign currencies deters demand for U.S. oil as it becomes more expensive overseas. Major banks were hit hard by the Brexit news as they looked down the barrel of two years of operational renegotiations across Europe. Major financial institutions such as UBS , HSBC , Deutsche Bank and Royal Bank of Scotland were sharply lower. Finish Line was one of the few stocks in rally mode. The footwear retailer jumped after reporting an expected 3% to 5% increase in comps over the full year.

U.S. stocks collapsed on Friday, after UK citizens voted to leave the European Union in a historic referendum.

Stocks held near highs through to the end of the session as Wall Street bet on a favorable outcome of the 'Brexit' referendum. Polls show the vote to 'stay' has a slight lead, though the margins are too close to call. Volkswagen has reportedly agreed to pay roughly $10.2 billion to settle a U.S. investigation into its emissions-cheating technology. The payout would largely be divided among the hundreds of thousands of affected customers. Barnes & Noble rose after issuing a more confident outlook for its full year. The company said it is focusing on driving online sales, reducing expenses and growing its membership base. Micron Technology spiked after Nomura boosted its rating to BUY and upped its price target.

Stocks held onto big gains through the morning session after the latest polls tipped the scales in favor of a 'remain' vote in the 'Brexit' referendum. Exit polls out late tonight should indicate how U.K. citizens voted. Manufacturing in June appeared to rebound from a weak May, according to a flash reading of Markit's manufacturing PMI. Activity in June was at its best in three months after last month hitting its worst level since 2009. New home sales slowed in May after a breakneck pace of growth in April. Demand remains strong with tight inventory and low interest rates boosting sector activity. Communications software developer Twilio opened with a bang in its debut day of trading on the New York Stock Exchange. The successful IPO is a boon to so-called unicorns, startups valued at over $1 billion.

Near-tiebreaker poll numbers for the 'Brexit' referendum left Wall Street uncertain in which direction to move. Stocks fluctuated for much of the day before settling with slight losses. A decline in crude oil prices also pressured markets. McDonald's was the worst performer on the Dow Jones after being downgraded to neutral from buy at Nomura. The downgrade was largely based slowing same-store sales trends. Restoration Hardware climbed on speculation fellow homewares retailer Williams-Sonoma could make a bid. Restoration Hardware has been under pressure since posting a surprising per-share loss last quarter. Priceline reached new highs earlier after Barclays upgraded the stock to overweight from equal weight. The firm said it expects long-term structural growth.