U.S. stocks drifted lower in thin trading Monday, pulling the Standard & Poor's 500 index back from a five-year high.

The broad-market index edged up slightly last week, enough to put it at its highest level since November 2007.

With little in the way of market-moving news, the Dow Jones industrial average closed down 22 points to close at 13,971 on Monday. The S&P 500 slipped one point to 1,517 and the Nasdaq composite slipped two points to 3,192.

Apple's stock gained following reports over the weekend that the tech giant is developing a wristwatch-like gadget, a smart watch.

Fewer than three stocks fell for every two that rose on the New York Stock Exchange. Trading volume was thin at 2.7 billion shares versus the recent average of 3.5 billion.