Indexes close lower; oil prices slide

Energy companies led U.S. stock indexes slightly lower Monday as the price of crude oil fell.

The Dow Jones industrial average fell 27.40 points, or 0.1 percent, to 19,799.85. The Standard & Poor’s 500 index slid 6.11 points, or 0.3 percent, to 2,265.20. The Nasdaq composite index lost 2.39 points, or 0.04 percent, to 5,552.94. The Russell 2000, which tracks smaller companies, gave up 4.01 points, or 0.3 percent, to 1,347.84.

At an early White House meeting with business leaders, President Donald Trump repeated a campaign promise to cut regulations by at least 75 percent. He also said there would be advantages to companies that make their products in the U.S., suggesting he will impose a “substantial border tax” on foreign goods entering the country.

Trump also signed a memorandum announcing the United States’ intention to withdraw from the multi-nation trade agreement known as the TransPacific Partnership, and said he would renegotiate the North American Free Trade Agreement.

McDonald’s fell 0.7 percent after the world’s biggest hamburger chain reported a fourth-quarter drop in sales at established U.S. locations. The decline snapped a streak of five quarters of increases. The stock shed 88 cents to $121.38.

Halliburton slid 2.9 percent after the provider of oil and gas drilling services warned of weaker demand in markets outside North America and its revenue missed forecasts. The stock shed $1.65 to $54.80.

Sprint gained 2.8 percent following news the mobile phone carrier is buying a 33 percent stake in Tidal, the music streaming service owned by artists including Jay-Z. The stock added 25 cents to $9.18.

Meanwhile, Qualcomm fell 12.7 percent on news that Apple is suing the maker of semiconductors, one of its major suppliers, for $1 billion in a patent fight. Qualcomm was the biggest decliner among companies in the S&P 500 index, sliding $8 to $54.88.

The slide in crude prices weighed on the energy sector, which fell 1.1 percent. Oil and gas rig operator Transocean slumped 55 cents, or 3.6 percent, to $14.76.

Benchmark U.S. crude fell 47 cents, or 0.9 percent, to close at $52.75 per barrel in New York. Brent crude, used to price international oils, slid 26 cents, or 0.5 percent, to close at $55.23 per barrel in London.