The Dow transports underperformed the major averages, closing about 0.9 percent lower.
U.S. crude settled down 15 cents, or 0.36 percent, at $41.75 a barrel after fluctuating between gains and losses. Brent held higher near $44.90 a barrel.
Earlier, crude spiked from session lows on morning reports that the Saudi Arabian cabinet reiterated the kingdom's commitment to remain ready to work with other producing and exporting countries to stabilize prices.
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European stocks ended lower, under some pressure from fluctuations in oil prices and declines in copper, which hit a multi-year low.
"If the commodity rout really exacerbates, that may weigh on stocks, but right now they should hang in," said Jeremy Klein, chief market strategist at FBN Securities. "The Fed's a non-issue until the jobs report."
Declines in Apple, Goldman Sachs and Boeing weighed on the Dow Jones industrial average. Home Depot contributed the most to gains in the index.
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The Dow failed to hold higher for 2015 after closing unchanged for the year Friday. The S&P 500 and Nasdaq composite are up about 1.4 percent and 7.7 percent, respectively, year-to-date.
"I think it's the market pausing and digesting a very strong week," said Adam Sarhan, CEO of Sarhan Capital.
U.S. stocks rose more than 3 percent last week, with the S&P 500 posting its best week for the year so far, helped by gains in retail stocks and increasing confidence in a December rate hike.