Financials hit as Wall St opens lower US financial sector stocks fell in early activity on Monday even as banks scored an important concession from global regulators on liquidity rules. The S&P 500 financial sector index lost 0.4 per cent in the morning's early trade despite reports at the weekend which said strict global liquidity standards would be eased and only enforced in 2019, four year later than expected. Shares in Citigroup, which separately announced top management changes, fell 0.5 per cent to $42.24. JPMorgan Chase declined 0.3 per cent to $45.21. Meanwhile, Bank of America gained 0.5 per cent to $12.18 as the US bank struck a $10.3bn settlement with Fannie Mae, the government-controlled mortgage company, to resolve a long-standing legal battle over bad loans. The S&P 500 fell 0.5 per cent to 1,459.46, retreating from last week's surge when it recorded its strongest weekly gains in more than a year. The benchmark notched a rise of 4.6 per cent last week as investors bid up risk assets, including equities, after US policy makers struck an agreement to prevent hefty tax hikes on most Americans. But analysts said that the budget agreement fell short of resolving automatic spending cuts, a fight which may weigh on stocks in the coming weeks. David Kelly, chief global strategist at JPMorgan Funds, said: "This is a week in which investors may reconsider their positioning in light of recent events. The tax compromise on the fiscal cliff has, of course, not put an end to budget battles for 2013. The Nasdaq Composite index lost 0.4 per cent to 3,087.98, while the Dow Jones Industrial Average also fell 0.4 per cent - to 13,368.73. All 10 major industry groups on the benchmark were trading in negative territory in early trade. The losses were led by the S&P 500 energy sector index, which fell 0.9 per cent. Shares in Amazon reached their record intraday level in early morning activity. The e-commerce retailer gained 3 per cent to $266.99. Disney shares fell 1.4 per cent to $51.47 after a Reuters report said the entertainment company was considering lay-offs as part of an effort to cut costs. Facebook shares touched their highest intraday level in more than five months, rising 1.2 per cent to $29.10.