Commodities were under pressure amid Dollar strength and concerns over global growth. Crude oil was falling 2.4% to $77.40 per barrel, which in turn added pressure to the energy sector, which was already seeing weakness as coal companies were being hit after Arch Coal (NYSE:ACI), the Missouri based coal producer, cut its guidance below consensus last Friday. The stock was tumbling 8.57% to $13.33 after posting a new 52-week low at $13.25.

The news also pressured Alpha Natural Resources (NYSE:ANR), the steam and metallurgical coal producer, which extended its losses from last quarter. Alpha was the weakest in the sector, tumbling 7.46% to $16.36 after posting a new yearly low at $16.10. The stock was the worst performer of the S&P 500 last quarter, plunging 61%.

Financials were also under pressure, on concerns over the European debt crisis and its impact on the European banking system and as shares of Bank of America (NYSE:BAC), the largest U.S. lender, broke down below $6 per share after a report from FBR Capital Markets stating that the federal housing insurance program may be forced to deny bank claims for money lost in home loan foreclosures, costing them another $13.5 billion in mortgage-related losses, amid increasing political pressures to deny claims. According to the analyst Bank of America could face $2 billion more in losses.

Reports that its website was again malfunctioning on Monday, despite reports that it had fixed the issues over the weekend were affecting the stock as well. Credit Suisse reduced its target price to $13 and cut its estimates on the lender, but still reiterated it’s outperform rating. The stock nevertheless broke down and was plunging more than 8% to post a new multi year low at $5.60

Rival Wells Fargo (NYSE:WFC), San Francisco based financial firm, was falling 2.26% to $23.57 after the FBR Capital report said that Wells could face up to $3 billion in losses from claims that the FHA could deny.

Other stocks seeing notable moves were

Alcoa (NYSE:AA), the aluminum producer, was tumbling 5.64% to $9.03 after posting a new multi-year low at $8.95. The stock was feeling the pressure of lower metal prices on concern over the global economy and as it was downgraded to a Hold from a Buy at Deutsche Bank.

AMR Corp. (NYSE:AMR), the parent of American Airlines, was plunging 25% to $22.22 after posting a new multiyear low of $1.75. The stock was falling the most since 2001 on bankruptcy speculation, as the airline has to deal with high jet fuel prices and higher labor costs than competitors, amid an aging fleet.

Apple (NASDAQ:AAPL), the maker of iPads and iPhones, was falling 113% to $377 amid broad weakness in the market. The stock was outperforming in the session ahead of the unveiling of its new iPhone scheduled for tomorrow. Ticonderoga issued a research note in which it states that Apple stock has not performed like in past years ahead of its new iPhone launch, given the underperformance in the last 2 weeks. Last week the stock tumble close to 6% amid concerns over the iPad production estimates, as Amazon unveiled a new tablet and JPMorgan said that its production orders for the 4th quarter had been cut 25%. Jefferies acknowledged JPMorgan’s research note, saying that iPad production plans have scaled back but as a result of a shift of a portion of its supply chain to Brazil and an earlier than anticipated launch of the iPad 3 for January 2012. The firm reiterated its Buy rating and $500 price target, however this failed to lift the stock. Apple is now trading between its 50day moving average at the $385 area and its 200day moving average at the $353 area.

Netflix (NASDAQ:NFLX), the video subscription service, was adding 1.18% to $114.61 after it was named long Research Tactical Idea at Morgan Stanley. The firm said that Wall Street was not valuing the streaming business correctly and that they expect price to rebound in the next months. Netflix tumbled 57% last quarter, as the stock was hit after the lowered guidance in subscriptions following customers cancelling its DVD mail in plan at a faster pace than anticipated in reaction to a price increase.

Priceline.com (NASDAQ:PCLN), the name your price online travel company, was climbing 1.26% to $455.13 after it was upgraded to Overweight from Equal Weight at Morgan Stanley.

United Continental (NYSE:UAL), the world’s largest airline, was tumbling 10% to $17.41 after it was downgraded to a Hold from Buy at Citigroup. The stock was also receiving pressure from the price action at AMR.

Yahoo! (NASDAQ:YHOO), the Internet media company that owns the second largest search engine, was gaining 2.24% to $13.47 after trading as high as $14 on continued M&A speculation. Jack MA, Chariman of Alibaba Group, said at a speaking investment in Stanford that its company is very interested in Yahoo. The company has been involved in takeover speculation since it ousted its CEO Carol Bartz. Read More