U.S. stocks mostly declined on Monday, with energy producers leading losses on oil's drop to a multi-month low, as investors retreated after a fifth week of gains lifted the S&P 500 to a record, with the Dow Jones Industrial Average not far behind.
"Everyone is trying to reconcile a month's worth of ridiculously good economic data and Friday's jobs report. How can the two be? It's confounding. It may take until Friday to get investors' confidence back up," said John Lynch, regional chief investment officer for Wells Fargo Private Bank.
The data from the Labor Department showed the creation of 142,000 jobs last month, so far from the 225,000 estimated that many economists dismissed it out of hand.
Read MoreReactions from three top economists
"I think Friday's retail sales will confirm strength in the auto sector rather than weakness in jobs," said Lynch, who believes Friday's nonfarm payrolls report for August will prove to be an anomaly.
"The rest of the world is still an issue," added Lynch.
Ford Motor slid after Morgan Stanley downgraded shares of the car manufacturer. Yahoo, which owns more than 22 percent of Alibaba Group Holding, rose after the e-commerce company said in a regulatory filing that it intends to raise up to $21.1 billion in an initial public offering.