NEW YORK (AP) — U.S. stocks are opening broadly lower following sharp declines in Europe.

Health care and materials companies fell the most in early trading Monday.

The Dow Jones industrial average lost 117 points, or 0.7 percent, to 16,198 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index slipped 14 points, or 0.7 percent, to 1,917. The Nasdaq composite slumped 29 points, or 0.6 percent, to 4,657.

Alcoa bucked the trend, gaining 3 percent after saying it would split in two.

In Europe, Glencore plunged 24 percent after an investment bank warned that the company faced a bleak future if commodity prices don't recover. Volkswagen also fell 8 percent.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.14 percent.