Stocks Tumble Hard as Recession Fears Become Reality

Elsewhere, the caustic economic climate claimed chicken processor Pilgrim's Pride (PPC Quote), which filed for Chapter 11 bankruptcy protection Monday.

As to analyst actions, Occidental (OXY Quote) garnered an equal-weight rating at Morgan Stanley. Insurer Prudential (PRU Quote) was upgraded to buy from hold at Citigroup on valuation.

Microsoft (MSFT Quote), meanwhile, suffered a reduced price target at Morgan Stanley.

In the realm of commodities, crude oil for January delivery lost $5.15 to settle at $49.28 a barrel. On Saturday, OPEC said it will forgo new reductions in output but did not rule out a supply cutback going forward.

Longer-dated U.S. Treasury securities were rising in price. The 10-year note was gaining 1-26/32 to yield 2.72%, and the 30-year was up 4-5/32, yielding 3.24%. The dollar was rising vs. the euro and pound but falling against the yen.

Overseas, European exchanges such as the FTSE in London and the DAX in Frankfurt were trading lower. In Asia, Japan's Nikkei closed with losses, while Hong Kong's Hang Seng ended on the upside.