Stocks Trading At New Session Lows

With around an hour and a half left in Monday's trading session, things continue to deteriorate in the U.S. stock market. The major equity averages are sitting near fresh session lows as a pre-market rally in the wake of an announced bailout of Spanish banks has completely evaporated amid negative sentiment. Markets in Asia started off the week sharply higher, and the major European averages closed mixed on the day. As global markets have had more time to digest the news from over the weekend, it appears that optimism has faded over the state of the European sovereign debt crisis. At last check, the Dow Jones Industrial Average was down around 65 points to 12,490 and the S&P and Nasdaq had lost 0.55% and 0.78%, respectively. Given the persistent selling on Monday into the early strength, do not be surprised if U.S. markets close on their lows, starting out the new week on a bad foot, yet again.