Stocks are closing lower Monday as big technology companies such as Apple and Microsoft take losses.

The S&P 500 fell 1.3% while the tech-heavy Nasdaq dropped 2.1%.

Meanwhile, the price of U.S. oil rose to $77.62 per barrel, the highest close since 2014, as OPEC and allied oil producers stuck to a plan for cautious production increases even as global demand for crude rises.

Higher energy prices helped oil companies gain ground.

Tesla rose 0.8% after the electric vehicle maker reported surprisingly good third-quarter deliveries.

The yield on the 10-year Treasury note rose to 1.49% from 1.47% Friday.