The S&P 500 and the Dow closed slightly lower on Monday, as a drop in oil prices dragged down energy stocks, while tech names Apple and Alphabet helped lift the Nasdaq to its highest close in over a year.
The S&P 500 had hit a record high earlier in the session, but was unable to hold gains as US crude CLc1 slumped to below USD 40 a barrel, its lowest level since April, before settling at USD 40.06.
"Oil has once again re-emerged as a real driver of how investors are gauging the trend for equities," said Peter Kenny, senior market strategist at Global Markets Advisory Group in New York. "Now we are beginning to see the glut narrative have an impact on oil and have an impact on equities."
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The S&P 500 had hit a record high earlier in the session, but was unable to hold gains as US crude CLc1 slumped to below USD 40 a barrel, its lowest level since April, before settling at USD 40.06. 
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