Stocks are moving lower in early trading, led by a decline in energy stocks as the price of oil fall again.

The Dow Jones industrial average fell 70 points, or 0.4 percent, to 17,667 as of 9:35 a.m. Eastern time Monday.

The Standard & Poor's 500 index fell nine points, 0.5 percent, to 2,034. The Nasdaq composite fell 15 points, or 0.3 percent, to 4,687.

U.S. benchmark oil lost $1.72 to $46.66 a barrel in New York.

Analysts at Goldman Sachs slashed their forecasts for the price of oil the coming two years.

Energy stocks fell. Chevron dropped 2 percent, the most of the 30 stocks in the Dow.

Tiffany slumped 11 percent after the jewelry retailer reported weak holiday sales.