* Micron Technology down after research downgrade
* Crude oil up more 1 pct
* Indexes down: Dow 0.19 pct, S&P 0.35 pct, Nasdaq 0.38 pct (Updates to open)
By Abhiram Nandakumar
March 7 (Reuters) - Wall Street started the week on a negative note on Monday, dragged down by financial and technology stocks, after last week’s rally.
An upbeat jobs report on Friday helped push the S&P 500 and the Dow Jones industrial average to their first four-day winning streak in about five months.
The data suggested the economy was recovering. However, the report was not strong enough for the Federal Reserve to consider an immediate increase in interest rates.
The Dow closed above 17,000 on Friday for the first time since January, while the S&P was just shy of 2,000, levels that traders consider psychologically important.
“The factors that have been driving the market have been some bargain hunting, some short covering and speculating off the belief that we have seen the worst of things,” said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.
“Investors are taking a pause, stepping back and looking at what’s the next driving element,” he said.
At 9:40 a.m. ET the Dow Jones industrial average was down 32.53 points, or 0.19 percent, at 16,974.24, the S&P 500 was down 6.99 points, or 0.35 percent, at 1,993 and the Nasdaq Composite index was down 17.83 points, or 0.38 percent, at 4,699.19.
Eight of the 10 major S&P sectors were lower, led by the 0.74 percent fall in the financial sector. Goldman Sachs’ 0.6 percent decline was the worst drag on the Dow.
Technology stocks also took a beating, with Apple, Alphabet, Facebook and Microsoft pulling down the S&P 500 and the Nasdaq.
The S&P energy and materials sectors were the only two in the green as crude prices rose more than 1 percent.
A string of upbeat data from major economies and stabilizing commodity prices have helped improve sentiment ahead of a relatively quiet week in terms of data for Wall Street as corporate earnings season draws to a close.
Investors will also keep a close eye on comments by Fed Board Governor Lael Brainard and Vice Chair Stanley Fischer, who are due to speak at separate events on Monday, for clues on the central bank’s view on the economy.
Shares of Micron Technology were down 4.8 percent at $11.31 after Nomura cut its rating on the stock to “reduce”.
Valeant Pharmaceuticals was up 4.9 percent at $64.29. The Canadian drugmaker, which had delayed the release of its results last week, said it would report fourth-quarter numbers next week.
Urban Outfitters is due to report after the close.
Declining issues outnumbered advancing ones on the NYSE by 1,439 to 1,254. On the Nasdaq, 1,262 issues fell and 1,057 rose.
The S&P 500 index showed six new 52-week highs and one new low, while the Nasdaq recorded 10 new highs and 12 new lows.
Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anil D'Silva