Stocks fell on Monday as losses in Apple shares pressured the broader tech sector. Investors also braced for key testimony from the top Federal Reserve official later this week.
The Dow Jones Industrial Average lost 92.08 points to open the week at 26,830.04
The S&P 500 subtracted 13.4 points to 2,977.01
The NASDAQ Composite deducted 63.31 points to 8,098.48
Apple shares fell more than 1% after an analyst at Rosenblatt Securities downgraded them to sell from neutral. The analyst said the stock will “face fundamental deterioration over the next six to 12 months” as Apple's iPhone sales disappoint and growth in other products slows down.
Other tech shares like NetApp and Juniper Networks also fell. Micron Technology, Applied Materials and Lam Research traded lower as well.
Wall Street also looked ahead to testimony from Fed Chair Jerome Powell on Wednesday. Powell's testimony comes after a stronger-than-expected jobs report raised questions about whether the Fed will cut rates later this month.
The Fed opened the door for lower rates last month after saying it will "act as appropriate" to maintain the current U.S. economic expansion, which is the longest ever.
Prices for the benchmark 10-year U.S. Treasury were up slightly, lowering yields to 2.02%, from Friday's 2.04%. Treasury prices and yields move in opposite directions.
Oil prices picked up 88 cents to $58.39 U.S. a barrel.
Gold prices recovered $2.60 to $1,402.70 U.S. an ounce.