(MENAFN- ProactiveInvestors) U.S. stocks plunged Monday as European shares dropped sharply on fears over Greece's future in the eurozone while oil prices continued to plummet.
As of 12:30pm in New York the Dow Jones Industrial Average fell 293 points to 17540 while the Nasdaq lost 56 points to 4671 and the S&P 500 shed 33 points to 2025.
The euro hit a nine-year low against the dollar on concerns for Greece with investors also watching for data this week that is forecast to show December consumer prices in Europe falling for the first time in five years accelerating the timetable for ECB action to extend stimulus. Shares in France led the region with the CAC 40 tumbling 3.3% today.
Meanwhile U.S. and Brent oil futures dropped from the lowest close since 2009 as record Russian production and the highest Iraqi exports since 1980 added to worries about a surplus of global supplies. US crude for February delivery fell $2.36 to $50.33 a barrel on Monday.
In terms of U.S. data there are several economic reports on the docket this week ahead of Friday's big December employment numbers. December auto sales came out today with shares of GM () falling 1.9% despite US sales climbing 19% last month better than expected. Ford () shed nearly 4% after the company said Monday its December U.S. sales rose a worse-than-anticipated 1%.
The ADP private payrolls report and minutes from the latest Fed meeting are out on Wednesday.
In corporate action () has unveiled a budget internet connected phone under the brand geared towards the emerging markets consumer. It will cost $29.
Amazon () has announced its sellers sold a record-setting 2 billion plus items worldwide in 2014. There are now more than 2 million sellers on Amazon globally.
Shares of () jumped 11% as an oral version of its lead antibiotic met a late stage trial goal.
Corp. () rose more than 5% after J.P. Morgan analysts lifted their rating for the stock to overweight citing expectations for a strong year.
Caterpillar () meanwhile fell almost 5% after J.P. Morgan analysts lowered their rating for the stock to underweight citing concerns about the company's direct exposure to oil and gas.
Gold futures rose $12 to $1198 an ounce.
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