The Dow Jones Industrials stumbled 200.36 points to 33,562.60.
The much-broader S&P 500 retreated 8.58 points to 4,273.79.
The tech-heavy NASDAQ index sank 11.34 points to 13,229.43.
Apple lost about 0.8%, retreating from all-time highs touched earlier in the session. The iPhone maker on Monday unveiled its highly anticipated virtual reality headset and a slew of software updates its annual Worldwide Developers Conference.
Intel shed 4.6% as Apple revealed a new chip, while Nvidia pulled back on valuation concerns after its recent surge. JPMorgan Chase and Goldman Sachs struggled amid news that regulators are considering upping capital requirements at large banks.
Stocks are coming off a big rally to end the week on the heels of a strong May jobs report. The larger-than-expected number signaled to some investors that a recession may no longer be in the cards for the economy.
The passage of the debt ceiling bill and avoidance of a potentially catastrophic default also boosted investor sentiment, with President Joe Biden signed bill into law late Friday.
Prices for the 10-year Treasury improved, lowering yields to 3.69% from Friday’s 3.70%. Treasury prices and yields move in opposite directions.
Oil prices added 12 cents to $71.86 U.S. a barrel.
Gold prices spiked $8.40 to $1,978.00 U.S. an ounce.