Closing Bell: U.S. Stocks Break Crude Correlation; Fox to Cut $250M

U.S. stocks managed to close narrowly mixed, splintering its correlation with crude oil prices for the first time in weeks on Monday. Crude oil closed 6% lower, punishing the energy sector, though gains across other sectors helped to buoy the overall market. Fox (FOXA) is looking to cut spending on film and TV staff by $250 million this year, according to reports. The media giant will offer voluntary buyouts to employees at its network and film studio. Nokia (NOK) slumped after issuing disappointing guidance following a patent deal agreement with Samsung Electronics. The company expects to receive around 1.3 billion euros in cash from the deal over the next two years, but investors had hoped for more.