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Energy shares dragged Wall Street slightly lower on Monday, tracking a decline in oil prices, while earnings and guidance from companies including Perrigo and Xerox also weighed on US stocks.
With the S&P 500 up in eight of the past 10 weeks and nearing the record high set almost a year ago, traders are struggling to find reasons to push it even higher as underwhelming earnings and the specter of higher interest rates hover over markets.
Perrigo Co, down 18 percent after it lowered its adjusted profit forecast for the full year, was among the largest drags on the S&P 500.
Its Chief Executive and Chairman Joseph Papa resigned to take the reins at Valeant Pharma, whose US-traded shares have tumbled nearly 85 percent from last August.