Stocks closed lower Monday as health care companies weighed on the market and investors awaited a flood of earnings reports.

At the close on Wall Street, the Nasdaq was down 31.8, about 0.6 percent, at 5,060.3. The Dow Jones industrial average slipped 42.2 points, about 0.2 percent, to 18,038, and the Standard & Poor's 500 index gave up 8.8 points, about 0.4 percent, to 2,109.

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Stocks appeared headed for new highs in the morning Monday, but then drifted lower, led by declines in health care.

Mylan, a maker of generic drugs, slumped nearly 6 percent, after rejecting a $40 billion buyout offer from Teva Pharmaceuticals.

Apple reports quarterly earnings late Monday, and is one of more than 150 companies in the S&P 500 that will turn in results this week. Investors will also follow a two-day meeting at the Federal Reserve that starts Tuesday.