Moving into the last hour of trading on Monday, stocks are holding near their lows of the day.

Banking and steel stocks are continuing to lead the decline, with the S&P Banks Index down 10 percent, while the Amex Steel Index is posting a loss of 9.2 percent.

With the massive losses in the broader markets, the vast majority of the other major sectors are also showing steep declines on the day.

Currently, the Dow is down 318.75 at 7,457.43, the Nasdaq is down 55.71 at 1,489.49, and the S&P 500 is down 34.43 at 781.51.

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