NEW YORK (CNNMoney.com) -- Stocks slipped Monday morning, retreating after hitting multi-year highs last week, amid disappointing sales from Wal-Mart, hawkish comments from a Fed official and a mild read on inflation.

The Dow Jones industrial average (down 28.34 to 12,061.92, Charts) fell about 0.2 percent. The blue-chip barometer closed at record highs for 13 out of the last 19 sessions.

The broader S&P 500 (down 2.72 to 1,374.62, Charts) index fell 0.2 percent. Last week, the S&P 500 touched a nearly 6-year high.

The tech-fueled Nasdaq (down 4.24 to 2,346.38, Charts) lost 0.3 percent. Last week, it touched a 5-1/2 year high.

Stocks slumped Friday after a weak read on gross domestic product growth in the third quarter gave investors a reason to take profits off the recent rally.

That weakness persisted Monday morning.

Wal-Mart Stores (down $1.56 to $49.17, Charts) said over the weekend that October sales at stores open a year or more likely rose about 0.5 percent from a year ago. The company initially forecast sales growth of 2 to 4 percent and then last week warned growth would be closer to 1 percent. Shares fell 3 percent Monday.

Verizon Communications (down $1.37 to $37.47, Charts) reported quarterly earnings and revenue that topped forecasts. However, the phone company's non-traditional businesses, such as broadband, may not have shown the kind of growth analysts were looking for, and shares fell about 3 percent.

In economic news, September personal income rose 0.5 percent, according to a government report released in the morning. That was more than what Wall Street economists were expecting and up from the prior month. Personal spending rose a smaller-than-expected 0.1 percent in the month.

The core-PCE deflator, the report's inflation component, was up 0.2 percent, as expected.

Investors also took in morning comments from Federal Reserve Bank of Richmond President Jeffrey Lacker, who has been the lone dissenter at the last three Fed policy meetings, voting for a quarter-percentage point hike in interest rates, rather than a pause.

Lacker said that on a long-term basis, core inflation was unacceptably high. He also said that the economy could withstand a few more interest-rate hikes.

U.S. light crude oil for December delivery fell $1.55 to $59.20 a barrel on the New York Mercantile Exchange.

Treasury prices were little changed, with the yield on the 10-year note standing at 4.67 percent, little changed from late Friday. Bond prices and yields move in opposite directions.

In currency trading, the dollar gained against the euro but fell against the yen.

COMEX gold for December delivery rose $9.70 to $610.70 an ounce.

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