U.S. stocks took a breather Monday from record highs as markets digest an expected pro-growth Donald Trump presidency and the businesses it will likely favor.

The Dow Jones industrial average lost 54.24 points, or 0.3 percent, to 19,097.90. The Standard & Poor’s 500 index lost 11.63 points, or 0.5 percent, to 2,201.72 and the Nasdaq composite lost 30.11 points, or 0.6 percent, to 5,368.81.

The Dow, S&P 500, Nasdaq Composite and Russell 2000 all closed at record highs Friday.

European markets Monday were down less than 1 percent, while most of the Asian indexes were positive. Bank shares were roiled by the upcoming referendum in Italy that would change that country’s constitution and political representation.

Investors worry a “no” vote Dec. 4 on Italy’s proposed constitutional reform could have a negative effect on Italy’s shaky banks.

“It’s an extreme lack of conviction given all the uncertainty,” said Keith Davis, a principal at Farr, Miller & Washington, a District of Columbia investment firm. “Trading is light and no one wants to go out on a ledge right now.”

U.S. stocks had been on a steady climb since the election earlier this month of Republican Trump. The Dow had risen 4.5 percent over that period. But the Trump engine has slowed in recent days as the candidate’s transition appears to have stalled over disagreements on key appointments. A challenge by Green Party candidate Jill Stein over vote counts in key battleground states has slowed momentum. Also clouding the picture is an expected increase in interest rates by the Federal Reserve next month.

The market’s recent buoyancy was upset by uncertainty over the price of oil. Oil prices Monday were up on the possibility of a deal limiting output by the Organization of Petroleum Exporting Countries. OPEC will meet Wednesday in Vienna, where it hopes to limit production and thereby give a boost to oil prices.

Brent Crude and West Texas Intermediate, both key oil indices, were up around 2 percent Monday on expectations of an OPEC deal. The cartel produces about 40 percent of the world’s crude oil.

The oil market was helped by news that OPEC member Iraq will support a deal limiting output. But the oil market, which has softened from more than $100 per barrel in 2014 to less than $50 now, has been roiled by Trump’s vow to loosen the regulations of exploration and production.

Willem Buiter, Citigroup global chief economist, told Bloomberg in a television interview that OPEC will have a difficult time reaching an agreement to cap oil output, especially if the United States eases its fossil fuel regulations under Trump.

“Deals of this nature have been hard to come by,” Buiter said. “In the background, there looms a likely increase in U.S. production as deregulation, especially aimed at fossil fuel, is going to lead to a boost in U.S. production.

“If (the) U.S. starts producing significantly more in ’17, ’18, then I think we will see weak oil prices,” he said. “It really depends on what the U.S. does and whether OPEC will get its act together.”