Moving into the last hour of trading on Monday, stocks are holding below the unchanged line, although well off their intraday lows.

Banking and gold stocks are some of the worst performers of the day, with the S&P Banks Index down 5.6 percent and the Amex Gold Bugs Index down 4.8 percent.

Meanwhile, airline and defense stocks are showing some of the best performances. The Amex Airline Index and the Philadelphia Defense Index are up 2.1 percent and 1.4 percent, respectively.

Currently, the Dow is down 87.85 at 7,929.74, the Nasdaq is down 24.65 at 1,597.22 and the S&P 500 is down 11.91 at 830.59.

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