Stocks extended their decline on Monday morning after a slide in crude oil prices resumed on oversupply concerns. 

The S&P 500 was down 0.84%, the Dow Jones Industrial Average fell 0.48%, and the Nasdaq slid 0.65%.

Crude oil prices continued to spiral lower on Monday after a 9% jump to end last week. West Texas Intermediate crude oil fell 4.2% to $30.84 a barrel.

The turn lower on Monday was tied to comments from Saudi Arabia's state oil giant, Saudi Aramco, suggesting the company is continuing to invest in oil and gas projects despite global oversupply. Saudi Arabia has some of the lowest-costing oil in the world and production could be economically viable at as low as $15 a barrel. 

Stocks closed out Friday with their first weekly gain in a month as a surge in crude oil prices triggered a rally in the energy sector and bets of more stimulus out of the eurozone boosted global markets. Crude enjoyed its best one-day gain since August.

McDonald's (MCD) - Get Report shares traded around record highs after a better-than-expected end to 2015. The fast food chain reported fourth-quarter same-store sales up 5%, above estimates of 3.2%, while profit jumped 16% to $1.31 a share.

Kimberly-Clark (KMB) - Get Report fell 2.9% after a disappointing quarter. The company earned $1.42 a share, a penny short of estimates, while revenue of $4.5 billion missed forecasts of $4.6 billion. The consumer goods company expects 2016 sales to fall by as much as 3%.

Tyco International (TYC) jumped 7.1% after Johnson Controls (JCI) - Get Report confirmed a merger. Johnson Controls shareholders will own 56% of the combined company and will receive $3.9 billion as part of the merger. Following the merger, the combined company will call Tyco's Irish headquarters home. 

Caterpillar (CAT) - Get Report shares fell 4% after Goldman Sachs downgraded the stock to to sell from neutral. Analysts forecast "sustained lower returns" on capital on weaker global infrastructure spending. Its price target was cut to $51 from $67. 

TheStreet Recommends

Twitter

(TWTR) - Get Report

 slid more than 4% after CEO Jack Dorsey

confirmed the departure of four key executives

late Sunday, including vice president of media Katie Stanton, vice president of product Kevin Weil and vice president of of engineering Alex Roetter. Shares have been under pressure for months as the social network fails to expand beyond its current user base.

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"We expect news of these departures will likely be met with skepticism in the market, at least in the short term, as investors continue to view Twitter as in a constant state of flux and unrest," Cramer wrote in a recent note for Action Alerts Plus. "Today's news will likely overshadow -- a least for the time being -- the numerous product innovations Dorsey and his team have implemented over the past several months."

D.R. Horton (DHI) - Get Report shares fell 3.8% despite a better-than-expected quarter. The homebuilder earned 42 cents a share in its first quarter, a penny above estimates, while sales surged 12% to $2.4 billion, as analysts had expected.

Halliburton (HAL) - Get Report   fell 0.9% after swinging to a quarterly loss amid a severe downturn in the commodities market. The oilfield services provider said its bottom line was hit by severance payouts and asset write-offs during the quarter.