US stock markets opened sharply lower on Monday amid concerns that the controversial Cyprus bailout could reignite the eurozone crisis.
Five minutes into trade, the Dow Jones Industrial Average gave up 97.55 (0.67 per cent) to 14,416.56.
The broad-based S&P 500, which last week appeared poised to break its all time record, declined 14.92 (0.96 per cent) to 1,545.78.
The tech-rich Nasdaq Composite Index declined 34.36 (1.06 per cent) to 3,214.71.
The requirement that the 10 billion euro ($A12.62 billion) bailout include a tax on deposits in Cyprus banks has stirred anger and worries that go well beyond the tiny island nation.
"There is heightened concern that this bailout plan will force a run on banks, particularly in troubled peripheral countries, as other depositors worry about the potential of being hit with a similar tax on deposits in the future," said Briefing.com analyst Patrick O'Hare.
"The structure of the bailout deal has opened a whole new can of worms, inviting talk of a possible Cyprus exit from the eurozone and reinvigorating concerns about the eurozone debt crisis," O'Hare added.
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