U.S. stocks slide on falling oil prices

U.S. stocks traded lower in the morning session Monday after Friday's big rally, as investors kept an eye on falling oil prices.

At midday, the Dow Jones Industrial Average shed 155.80 points, or 0.87 percent, to 17,691.83. The S&P 500 lost 19.23 points, or 0.92 percent, to 2,072.46. The Nasdaq Composite Index was down 40.05 points, or 0.78 percent, to 5,102.22.

Oil traded near lows for the year in the early session Monday. The drop came after the Organization of the Petroleum Exporting Countries (OPEC) ended a meeting Friday without any agreement to reduce the production.

Atlanta Fed President Dennis Lockhart told CNBC in an interview Monday that economic conditions are satisfactory and the financial markets are well-prepared for U.S. Federal Reserve to increase interest rates next week.

U.S. total nonfarm payroll employment increased by 211,000 in November, beating market estimates of 200,000, and the unemployment rate was unchanged at 5 percent, reported the Labor Department Friday.

Analysts said the solid job growth would most likely pave the way for Fed to raise interest rates later this month for the first time in nearly a decade.

Fed Chair Janet Yellen gave upbeat assessment of the U.S. economy last week, signaling that she is ready to raise interest rates later this month, preventing a surprise in markets or the economy.

U.S. stocks surged Friday, as a solid jobs report made the Fed's case for a December rate hike even stronger. Endit