After moving sharply lower at the open, stocks have seen some further downside over the course of the first half-hour of trading on Monday. The major averages have moved firmly into negative territory, partly offsetting the gains posted over the previous three weeks.

With concerns about the outlook for the auto industry generating broad based selling pressure, most of the major sectors are moving to the downside. Steel, banking, and airline stocks are posting particularly steep losses.

In the past few minutes, the major averages have edged up off their lows for the young session, although they continue to post steep losses. The Dow is currently down 225.81 at 7,550.37, the Nasdaq is down 46.54 at 1,498.66 and the S&P 500 is down 23.15 at 792.79.

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