Wall Street closes lower

United States stocks closed broadly lower after the release of data showing the service sector of the economy grew less than expected. 

At the closing beel, the Dow Jones Industrial Average had inched down 44.89 points, or 0.27 per cent, to 16,425.10 points. 

The S&P 500 index eased 4.6 points, or 0.25 per cent, to 1,826.77 points, and the tech-heavy Nasdaq Composite Index lost 18.23 points, or 0.44 per cent, to 4,113.68.

The S&P 500 slipped less than 0.1 per cent on Friday, while suffering back-to-back losses to start a new year for the first time since 2005. 

The Institute for Supply Management's non-manufacturing purchasing managers' index for December dipped to 53 from 53.9 in November, missing expectations of a rise to 54.5. Readings above 50 signal expansion. 

Meanwhile, factory orders for November increased 1.8 per cent on the month, above forecasts rose a 1.5 per cent rise. The lift saw orders at their highest level since records began in 1992.

Stocks were seen trading 0.3 per cent higher than Friday's close before the data releases.

Meanwhile, investors will be looking ahead to a reading on private-sector jobs growth and the minutes to the Federal Reserve's December policy meeting on Wednesday, and the government's monthly employment report on Friday. 

In addition, Alcoa unofficially kicks off earnings reporting season later this week, when the former Dow component posts fourth-quarter results after Thursday's close.