The Dow Jones Industrials came off its lows of the afternoon, but still fell behind 11.33 points to close Monday at 33,716.10.
The much-broader S&P 500 declined 19.33 points to 4,329.
The NASDAQ index cratered 156.74 points, or 1.2%, to 13,335.78.
A pullback in technology giants contributed heavily to the NASDAQ’s sharp midday decline. Nvidia, Alphabet and Meta Platforms traded lower, while Tesla lost about 4% as Goldman Sachs downgraded the electric car maker, citing pricing headwinds.
Technology stocks have rebounded this year after a difficult 2022 as investors bet on the promise of artificial intelligence and hope for an end to the Federal Reserve’s hiking campaign. Rotation back into popular growth names has lifted the tech-heavy index more than 28%, putting it on pace for its best first half since 1983.
The final week of June is a light one for economics reports, highlighted by the personal consumption expenditures index for May out Friday. Corporate earnings reports are on deck from Walgreens Boots Alliance on Tuesday and Nike on Thursday.
Traders are monitoring the situation in Russia following a brief rebellion by a private military group over the weekend. Uncertainty about the situation there could keep the markets on edge.
Prices for the 10-year Treasury were higher, lowering yields to 3.71% from Friday’s 3.74%. Treasury prices and yields move in opposite directions
Oil prices lost 12 cents to $69.04 U.S. a barrel.
Gold prices added $7.70 to $1,937.30 U.S. an ounce.