U.S. stocks moved lower in morning trading Monday as falling prices for oil and other commodities weighed on energy and mining companies. The price of U.S. crude oil slumped more than 3 per cent amid speculation that oil supplies will rise further once Iran's economic sanctions are removed.

KEEPING SCORE: The Dow Jones industrial average lost 87 points, or 0.5 per cent, to 17,464 as of 11:24 a.m. Eastern. The Standard & Poor's 500 index fell 13 points, or 0.7 per cent, to 2,047. The Nasdaq composite shed 41 points, or 0.8 per cent, to 5,007.

FALLOUT: Several energy and mining companies were trading lower. Chevron fell $1.77, or 1.9 per cent, to $90.28, the most in the Dow. Exxon Mobil lost 78 cents, or 1 per cent, to $78.55. Consol Energy tumbled 81 cents, or 9.3 per cent, to $7.85, while Chesapeake Energy slid 36 cents, or 8.2 per cent, to $4.09.

EXECUTIVE SHAKEUP: Freeport-McMoRan fell 7.9 per cent following news that James R. Moffett, the mining company's executive chairman and co-founder, is stepping down. Plunging commodity prices have led to mass layoffs across the entire industry. The move follows the recent revelation that activist investor Carl Icahn has taken a huge stake in the company. The stock shed 59 cents to $6.98.

SICK LEAVE: Valeant Pharmaceuticals lost 9.8 per cent after the company announced that CEO J. Michael Pearson is taking a medical leave of absence. Pearson was hospitalized with pneumonia last week. Three executives will take over for Pearson during his absence. The company's stock fell $11.21 to $102.90.

THE FORCE EFFECT: Disney rose about 1 per cent. The media giant's blockbuster "Star Wars" sequel reached $1 billion at the box office over the weekend. Disney gained 97 cents to $106.84.

OVERSEAS: In Europe, Germany's DAX fell 0.8 per cent, while France's CAC 40 was off 1 per cent. In Asia, Japan's Nikkei added 0.6 per cent, while the Shanghai Composite Index lost 2.6 per cent. Hong Kong's Hang Seng slipped 1 per cent. The London Stock Exchange remained closed for the holiday break, as did exchanges in Ireland and Australia.

THE GLUT GOES ON: After recovering a bit last week, oil prices slid again amid reports that Iran intends to increase exports by 500,000 barrels per day once economic sanctions are removed. That would only add to excess global supplies that have helped depress oil prices.

ENERGY: Benchmark U.S. crude shed $1.30, or 3.4 per cent, to $36.80 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international oils, lost $1.05, or 2.8 per cent, to $36.84 per barrel in London.

BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year U.S. Treasury note fell to 2.22 per cent from 2.25 per cent. The dollar slipped to 120.25 yen while the euro rose to $1.0979.