US equities slip from multiyear highs US equities slipped from multiyear highs in early activity on Monday, as investors weighed the likelihood that the recent run in stocks would last after the Federal Reserve's latest market intervention. The benchmark S&P 500, which rose 1.9 per cent last week to its highest point since late 2007, was 0.3 per cent lower at 1,462.08. Cyclical materials stocks, among last week's best performing sectors, were about 1 per cent lower as investors appeared to be moving out of riskier equities on Monday. Cliffs Natural Resources dropped 6 per cent to $42.76 as some investors ditched shares in the coal mining company after its impressive run last week. The index is looking to maintain its gains that came last week when the Federal Reserve said it would extend its bond buying operations to stimulate the sluggish US economy. The decision followed actions a week earlier by the European Central Bank, which have helped markets in both the US and Europe move higher. Sam Stovall, chief equity strategist for S&P Capital IQ, said: "To the consternation of many bears, the S&P 500 continues to advance as central bankers in Europe and the US aggressively add liquidity." He attributed part of the gains for stocks on the decline of the value of the dollar in recent weeks. The Nasdaq Composite Index fell 0.3 per cent to 3,175.37. Shares in Apple , the consumer electronics company that released its latest iPhone last week, rose 0.7 per cent to $696.16. Facebook shares edged 0.4 per cent lower to $21.92 after the social networking company enjoyed its biggest gains as a public company last week. Netflix shares declined 5 per cent to $57.50 as the home delivery and internet streaming media company continues to face pressure from competitors and rising costs to add new content. Shares in Netflix have fallen more than 17 per cent since the start of the year. Financial sector stocks, also among last week's best performing sectors, were 0.5 per cent lower. Bank of America shares declined 2.6 per cent to $9.29. JPMorgan Chase shares fell 1 per cent to $41.14. The Dow Jones Industrial Average dropped 0.2 per cent to 13,566.57. Shares in Boeing , the aeroplane manufacturer, lost 1.2 per cent to $70.42.