Stocks close lower as investors await strong reports

Stocks closed broadly lower on Wall Street on Monday, pulling major indexes below the latest record highs they reached last week.

The S&P 500 fell 0.5% and the tech-heavy Nasdaq lost 1%. Small-company stocks did worse than the rest of the market. Technology stocks had some of the biggest pullbacks, but the losses were shared broadly by a mix of banks, energy companies and others that depend on spending by consumers.

Investors are turning their focus to company earnings reports, and looking to see if the upbeat forecasts for strong results hold true.