1. Global market overview

Stock markets around the world are looking weak.

Market moves are still being influenced by a Friday speech from Fed chair Janet Yellen, who signaled that an interest rate hike is still on the table for this year.

U.S. stock futures are sinking and European markets are declining in early trading. The FTSE MIB index in Italy is leading the way lower with a 1% drop. U.K. markets are closed for a holiday.

Most Asian markets are closing the day with losses, though the moves are relatively small. However, the Nikkei in Japan got a 2.3% boost thanks to a weaker yen.

Oil markets are having a bad day. Crude oil futures are down by nearly 2% to trade just below $47 per barrel. Prices have fluctuated wildly this year, hitting a low near $26 per barrel in February and then rebounding to trade above $51 in June.

2. Hawkish Fed sends USD to 2-week highs

The U.S. dollar climbed to a two-week high on Monday as investors continued to digest hawkish comments from two top Federal Reserve officials that hinted at a potential U.S. interest rate hike as early as next month.

The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, jumped to a daily peak of 95.69, the most since August 15.

It was last at 95.58 early Monday as investors began to price in a greater likelihood that the Fed will raise rates this year.

3. Economics

The U.S. Bureau of Economic Analysis is releasing consumer income and spending data at 12:30GMT. The July data also includes some insight into inflation trends.

4. Weekly market recap

The main American market indexes took a dip last week, dropping further from all-time highs hit on August 15.

Over the five trading days, the Dow Jones industrial average and S&P 500 lost 0.9% and 0.7%, respectively. The Nasdaq had a more positive performance last week but still closed with a 0.4% loss.