The stock market is on track to gap-open sharply lower on Monday as negative sentiment seen in the final two sessions of last week has carried over into the new week. The index futures were all sharply lower, with the Nasdaq 100 down over 4% and volatility has spiked, with the CBOE Volatility Index, aka VIX, up over 100%. Asset classes plunged across the board amid worries over a hard landing in the U.S., which in turn may have a cyclical effect on the rest of the global economies as well. Billionaire investor Warren Buffett’s Berkshire Hathaway, Inc. (BRK-A) (BRK-B) disclosed that it trimmed its equity portfolio considerably, and instead chose to accumulate cash. This could potentially trigger fears among traders regarding the near-term outlook for the market. His firm sold nearly half of the Apple, Inc. (NASDAQ:AAPL) shares it held in its portfolio. A duo of service sector activity readings may also be in the spotlight. Futures Performance (+/-) Nasdaq 100 -4.37% S&P 500 -2.88% Dow -1.90% R2K -4.06% In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) declined 2.81% to $517.92, and the Invesco QQQ ETF (NASDAQ:QQQ) plunged 4.26% to $429.64, according to Benzinga Pro data. Cues From Last Session: Earnings and economic catalysts were the dynamics in play in the market in the week ended Aug. 2, with all three major averages plunging sharply for the week. The tech-heavy Nasdaq Composite turned in the worst performance, with the mega-cap sell-off weighing on the index. After showing apprehensions early in the week, stocks rose sharply on Wednesday, encouraged by Advanced Micro Devices, Inc.’s (NASDAQ:AMD) positive earnings and the Federal Reserve’s insinuation of a rate cut in September through the tweaks in the post-meeting policy statement. Selling set in on Thursday amid the release of weak manufacturing data and the ...