(CNBC) — U.S. stocks declined on Monday, extending a two-week slide, as worries about the falling price of oil took hold before the start of quarterly earnings.
“We had a great run last year and a little bit of indigestion now based upon the decline in energy prices and the perceived impact on fourth-quarter earnings,” Phil Orlando, equity market strategist at Federated Investors, said.
Oilfield-services provider Schlumberger declined after Goldman Sachs Group downgraded its shares to neutral from buy, while also cutting its outlook for benchmark oil prices.
