NEW YORK (CNNMoney.com) -- Stocks declined Monday morning, as investors took a step back after the best week on Wall Street in more than a year.

The Dow Jones industrial average (down 30.50 to 11,189.20, Charts) lost around 0.3 percent in the early going, while the broader Standard & Poor's 500 (down 2.76 to 1,275.79, Charts) index fell 0.3 percent. The tech-heavy Nasdaq composite (down 8.59 to 2,085.55, Charts) lost around 0.5 percent.

On Friday, stocks surged after a weaker-than-expected read on gross domestic product growth in the second quarter sparked hopes that the Federal Reserve's interest-rate hiking campaign is nearly done.

However, the gains were the extension of a broader market runup that saw all three major gauges add at least 3 percent, giving Wall Street the best week since May 2005.

After such a run, stocks were a little vulnerable Monday morning, although declines were modest, considering the extent of last week's rally.

Declines were broad based, but shallow, with 24 out of 30 Dow components sliding modestly in the early going.

Among gainers, Apple Computer (up $1.26 to $66.85, Charts) inched higher after it was upgraded to "buy" from "neutral at Bank of America, according to wire reports.

U.S. light crude oil for September delivery rose 34 cents to $73.58 a barrel in electronic trading. The price rose as a leak on Russia's largest oil pipeline to Europe added to concerns about supply losses in NIgeria and violence in the Mideast.

Treasury prices eased, with the yield on the benchmark 10-year note rising to 5 percent from about 4.99 percent, where it stood late Friday. Bond prices and yields move in opposite directions.

COMEX gold for December delivery fell $1.80 to $646 an ounce.

In global trade, major Asian markets ended higher and European markets were mostly lower at midday.