MARKET SNAPSHOT: Energy Companies Drag U.S. Stocks Lower

By Anora Mahmudova and Sara Sjolin, MarketWatch McDonald's skids after disappointing November sales figures

NEW YORK (MarketWatch) -- The U.S. stock market struggled to move higher on Monday as sharp falls among energy companies, which closely tracked oil's continued price slide, weighed on the key benchmarks. Downbeat economic reports form China, Japan and Europe also dented sentiment.

Losses in the S&P 500 (SPX) were led by energy companies, as the sector dropped 1.8%. The Dow Jones Industrial Average (DJI) moved lower, with McDonad's Corp. taking a bite out of the blue-chip stock index.

Meanwhile, the tech-heavy Nasdaq Composite (RIXF) was higher thanks to big gains among biotechnology stocks.

The broader market moves are playing out amid the back drop of crude oil's continued slide. Crude oil (CLF5) fell more than 2% on Monday. The top five decliners on the S&P 500 were energy stocks, sliding more than 5%.

Concerns about the health of the global economy resurfaced on Monday after disappointing Chinese trade numbers and data showing Japan's economy contracted more than initially forecast in the third quarter. Figures from Germany showed industrial production expanded less than expected in October.

The euro (EURUSD) traded around a 28-month low after Ewald Nowotny, member of the European Central Bank's Governing Council, said the currency union is the weak spot in the world economy. European stock markets were also mostly lower.

Movers and shakers: Cubist Pharmaceuticals Inc.(CBST) soared after drug giant Merck & Co. Inc. (MRK) agreed to buy the smaller antibiotics maker for $8.4 billion. Merck shares were unchanged.

McDonald's Corp (MCD) shares slid after the fast-food chain posted sharper-than-expected sales declines across all of its divisions in November.

Shares of Celgene Corp (CELG) jumped on news that the biotech company extended its partnership with Agios to work on a cancer drug.

(Read more in today's Movers & Shakers column: http://www.marketwatch.com/story/vail-resorts-hr-block-earnings-in-focus-2014-12-07.)

Other markets: Asian markets got their first chance to react to the solid U.S. nonfarm-payrolls numbers, sending indexes in Japan and China higher. China's Shanghai Composite closed above 3,000 for the first time since 2011.

In metals, gold traded mostly higher, while the dollar (DXY) rose against most major currencies.

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