The Dow Jones industrial average is down 420 points at 8,408. Decliners on the New York Stock Exchange hold a 7 to 1 lead over advancers.
The Nasdaq Composite Index has lost 87 points at 1,448.
And the Standard-and Poor's 500 Stock Index is down 50 points at 845.
Trading on the New York Stock Exchange during the first two hours totaled 1.9 billion shares. Volume on the Nasdaq Market came to 611 million shares.
Investors have quickly erased a portion of last week's strong gains. The declines come as investors digest the first readings on the holiday shopping season as well as new downbeat reports on manufacturing and construction spending.
Initial reports about holiday shopping this weekend suggest sales were better than some retailers and analysts expected.
The Institute for Supply Management says its index of manufacturing activity fell to a 26-year low in November. At the same time, the Commerce Department said construction spending fell by a larger-than-expected amount in October.
Weakness was seen in home building as well as commercial construction.
http://accesswdun.com/article/2008/12/215685