S&P 500 falls slightly to start the week as Big Tech declines, energy shares gain

The S&P 500 started the week slightly lower Monday as investors rotated out of mega-cap technology stocks and into energy and financial shares.

The major index ticked down 0.1%. The Dow Jones Industrial Average inched up 30 points, or 0.1%. The tech-heavy Nasdaq Composite fell 0.3%.

Energy stocks popped as WTI crude oil topped $82 a barrel before pulling back from session highs. The U.S. oil benchmark was still up nearly 2% at $80.93.

Bank stocks like JPMorgan rose ahead of earnings on Wednesday.

Shares of Merck gained after the drug maker asked the Food and Drug Administration to authorize emergency use of its antiviral Covid pill.

Meanwhile, Big Tech names Facebook, Apple, Amazon, Microsoft and Alphabet were weak.

Southwest's stock slumps 3% as analyst says cancelled flights could add to cost pressures, hurt labor relations.

The U.S. bond market is closed Monday for Columbus Day.

This week, major banks will kick off their third-quarter earnings reports. JPMorgan kicks it off on Wednesday, with Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and Citigroup following later in the week. Delta Airlines and Walgreens Boots Alliance reports are also on deck.