US stocks receded from record highs on Monday as oil weighed on energy shares and investors awaited an avalanche of quarterly reports. Shares fell almost across the board, with energy stocks leading declines across 10 S&P 500 sectors and the consumer discretionary sector the lone gainer, helped by a 1.84-percent gain in Target.
The negative start to the week, which includes earnings from 190 S&P 500 companies as well as a Federal Reserve policy meeting, put the brakes on a 9- percent rally that started on June 27.
Oil fell to two-and-a-half month lows amid worries that a global glut of crude and refined products would be a drag on markets for some time. The S&P energy index fell 1.99 percent, its deepest percentage decline since late June.
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