US stocks retreat, Nasdaq continues to outperform

   •  Consolidate last week's strong earnings-led upsurge. 
   •  Technology stocks continue to outperform. 
   •  FOMC, NFP, Fed Chair nomination in focus.

Major US equity indices witnessed a rather weaker opening at the start of a new trading week as investors digested last week's strong gains led by a series of upbeat quarterly results. 

Traders also seemed to refrain from placing aggressive bets and preferred to remain on the sideline ahead of this week's FOMC decision. The central bank is widely expected to maintain status quo, but the accompanying statement would be closely watched for fresh insight over a widely expected December rate hike move. 

Market participants also await the US President Donald Trump’s decision over the next Fed Chair and Friday's keenly watched US monthly jobs, popularly known as NFP. 

Trading sentiment on Monday was also being weighed down by concerns over a probe into possible Russian meddling in the 2016 US election.

Meanwhile, further developments on US tax reforms, with Republicans expected to unveil a much-awaited bill to overhaul the tax code this Wednesday, will continue to grab investors' attention and would be a key catalyst that would determine if the market would continue to move higher. 

During the opening hour of trade, the Dow Jones Industrial Average was down over 50-points to 23,382, while the broader S&P 500 Index slipped nearly 5-points to 2,576. Meanwhile, tech-heavy Nasdaq Composite Index continued with its relative outperformance and added 10-points beyond the 6,700 mark.