Stocks closed lower on Wall Street on Monday, breaking a nine-day winning streak, as oil prices hit a four-year low after the OPEC+ group announced plans to increase output.

The losses came amid a relatively calm day of mostly mixed trading. They follow several weeks of gains that helped the market wipe away its losses since the ongoing trade war began.

The S&P 500 fell 36 points, or 0.6 percent, to 5,650. The decline broke the benchmark index's longest winning streak since 2004.

The Dow Jones Industrial Average fell 98 points, or 0.2 percent, to 41,218. The Nasdaq composite fell 133 points, or 0.7 percent, to 17,844.

Technology companies and other big stocks were among the heaviest weights on the market. Apple slumped 3.1 percent, while Amazon fell 1.9 percent and Tesla slipped 2.4 percent.

Berkshire Hathaway fell 5.1 percent. Legendary investor Warren Buffett announced over the weekend that he would step down as CEO by the end of the year after six decades at the helm. Buffett will still be chairman of the board of directors.

The OPEC+ group of eight oil producing nations announced over the weekend that it will raise its output by 411,000 barrels per day as of June 1.

US crude oil prices fell 2 percent to US$57.13 per barrel. Many producers can no longer turn a profit once oil falls below US$60. Prices are down sharply for the year over worries about an economic slowdown. The energy sector led the losses within the S&P 500. Exxon Mobil shed 2.8 percent.

Shares in US film studios slid following a threat by US President Donald Trump to impose 100 percent tariffs on foreign-made productions.

Netflix slumped 1.9 percent and Warner Bros. Discovery fell 2 percent.

Shoemakers posted gains following the announcement that Skechers is being acquired for US$9 billion and taken private by the investment firm by 3G Capital.

Skechers jumped 24.3 percent, while Crocs rose 3.4 percent. Deckers Outdoor, which owns the Ugg and Teva brands, rose 1.2 percent.

Treasury yields rose. The yield on the 10-year Treasury rose to 4.35 percent from 4.31 percent late on Friday. (AP)