Dow slips nearly 1% as markets juggle data, technical glitches

Also weighing on sentiment, a survey from the showed U.S. manufacturing activity eased to 48.7 in May, lower than the expectation of 49.6.

The extended losses, the S&P 500 turned lower and the pared early gains, though falling Treasury yields initially helped lift .

AI leader rose 3.3% after CEO Jensen Huang said on Sunday that the company's next-generation AI chip platform would be rolled out in 2026.

Shares of megacaps including and gained between 0.8% and 2.1%, as yields on the benchmark U.S. 10-year and five-year notes fell around 10 basis points each.

soared 24.1% after a weekend post from stocks influencer Keith Gill, also known as "", showed a $116 million bet on the gaming retailer.

"The way we closed Friday was so powerful to the upside that we may have had to work off some steam from that. Throw meme stocks and a technical glitch into the mix, and it’s no wonder that markets are bouncing around a little bit today," said Bret Kenwell, US investment and options analyst at .

All three of Wall Street's main indexes ended May with strong gains, with the S&P 500 up 4.8%, the Dow gaining 2.3% and the tech-heavy Nasdaq rising nearly 7% on the month, as strong earnings and hopes of easing monetary policy buoyed Wall Street's biggest stocks.

Traders see a 59% chance that the Fed will begin cutting rates in September, up from about 53% before the ISM data was released, according to the 's tool.

Attention turns to a data-packed week that includes surveys on the services sector, factory orders and Friday's closely watched nonfarm payrolls report, providing investors with clues on the health of the U.S. economy and the Fed's likely course of action.

"There may well be a rate cut in September... this will be a week that is full of economic data that'll be important and today was just the first step," said Art Hogan, chief market strategist at B. Riley Financial.

At 12:16 a.m. ET, the Industrial Average was down 338 points, or 0.9%, the S&P 50 was down 22.43 points, or 0.43%, at 5,255.08, and the Nasdaq Composite was down 3.45 points, or 0.02%, at 16,731.56.

The Dow underperformed, with losses in financial stocks such as Goldman Sachs and JPMorgan Chase & Co being the biggest drags on the blue-chip index.

Declining issues outnumbered advancers by a 1.18-to-1 ratio on the NYSE and by a 1.13-to-1 ratio on the Nasdaq.

The S&P index recorded 23 new 52-week highs and three new lows, while the Nasdaq recorded 57 new highs and 77 new lows.