US markets opened the week in red as stocks fell after Kuwait scrapped $ 17.4 billion petrochemical joint-venture with Dow Chemicals. Dow Chemicals shares tumbled 19% after. General Motors shares also slumped amid concerns about GM's financing arm and whether or not the GMAC unit would be able to raise enough capital to become a bank-holding company.
Ford shares dropped on news that billionaire Kerk Kerkorian's Tracinda has shed its remaining stake in the auto maker.
Retail stocks declined as early reports indicated a fall in US holiday spending by 4% from last year, according to data from MasterCard advisors.
The Dow Jones industrial average slipped 31.62 points, or 0.37%, to 8,483.93. The S&P 500 index fell 3.38 points, or 0.39%, to 869.42; the Nasdaq composite index fell 19.92 points, or 1.30%, to 1,510.32.
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