23.10.201721:25:00UTC+00Wall Street Pulls Back from Record Peaks as GE Tumbles Down

U.S. equities slipped from record levels on Monday as a decline in shares of General Electric weighed on investor sentiment. Technology and industrial shares also declined.

The Dow Jones industrial average dropped 0.23 percent at 23,273.96. The S&P 500 fell 0.4 percent to 2,564.98, with industrials and telecommunications falling behind. The Nasdaq composite lost 0.6 percent to 6,586.83, as shares of Amazon, Facebook, and Alphabet all declined.

General Electric tumbled 6.3 percent, recording their largest one-day drop since August 2011. The company posted earnings which disappointed analysts' expectations as profits were undermined by restructuring and weak performance at its oil and gas businesses.

Morgan Stanley analyst Nigel Coe lowered his rating on GE to underweight from equal weight and trimmed his price target to $22 from $25.

Hasbro was the second-worst-performing stock in the S&P 500, dropping 8.6 percent after the firm cautioned of weaker holiday-season sales as a result of the bankruptcy of its biggest customers, Toys 'R' Us. Shares of peer Mattel dropped 3.2 percent.

Industrials lost 0.8 percent. The group was weighed down by a 10.4 percent plunge in specialty metals maker Arconic after it fell short of profit estimates and announced a new chief executive.

The energy index dropped 0.59 percent, propelled by declines in Schlumberger, Baker Hughes and Halliburton which posted results on Monday.

Investors also prepared themselves for the busiest week of the earnings season.

Nearly a third of the S&P 500 will have posted quarterly earnings when the week is over. Companies reporting this week include Dow components 3M, Caterpillar and Boeing. Also reporting this week are Amazon, Alphabet, NBCUniversal-parent Comcast and Twitter.