The Dow Jones Industrial Average shed 51.76 points, or 0.4%, to 13,139.08. The Nasdaq Composite fell 8.41 points, or 0.3%, to 3,012.60. The S&P 500 index retreated 3.49 points, or 0.2%, to 1,426.66, with energy the hardest hit of its 10 major industry groups.
The major averages spent Monday's abbreviated session in the red as the lack of progress in the budget debate weighed on sentiment. With the holiday break underway, traders turn their focus to Thursday when lawmakers are scheduled to return to the country's capital.
The energy sector was the weakest performer and coal producers were pressured. Consumer discretionary stocks outperformed the broader market and multiline retailers saw relative strength.
In the tech space, Apple outperformed and added 0.2%. Elsewhere, Facebook gained 2.6%. Yahoo! advanced 1.6% following a 'Buy' recommendation. Also, Microsoft slipped 1.4% after New York Times reported it has not seen an uptick in demand for personal computers following the release of Microsoft's Windows 8 operating system. Computer assemblers Hewlett-Packard and Dell both lost near 2.0% on the news.
Gold futures fell Monday, giving up gains in a shortened session as the U.S. dollar turned higher and dampened the appeal of the precious metal. Gold for February delivery fell 60 cents to settle at $1,659.50 an ounce on the Comex division of the New York Mercantile Exchange. March silver futures fell 31 cents, or 1%, to settle at $29.90 an ounce, extending last week's decline of 6.2%.
The dollar index, which measures the greenback's performance against a basket of six major rivals, inched up by 0.15% on Monday. The U.S. dollar rose against the Japanese yen after Japan's incoming prime minister Shinzo Abe said the country must defend itself as other nations attempt to devalue their currencies.
Crude futures slipped on Monday, extending losses on uncertainty over whether Washington will reach a deal to avert automatic tax increases and spending cuts before the end of the year. Oil for February delivery shed 5 cents, or 0.1%, to settle at $88.61 a barrel on the New York Mercantile Exchange.
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