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 in the four previous sessions.

Significant weakness is visible in the computer hardware sector, with Sun Microsystems (JAVA) leading the sector lower on reports that the company's talks to be acquired by IBM (IBM) have broken down. Metal, banking, and semiconductor stocks are also under pressure.

The major averages have moved well off their lows for the young session in recent trading, although they continue to post steep losses. The Dow is currently down 75.35 at 7,942.24, the Nasdaq is down 28.55 at 1,593.32 and the S&P 500 is down 11.04 at 831.46.

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