Dow ends 200 points lower as stocks drop Monday after back-to-back gains

U.S. stocks closed lower on Monday, failing to extend robust gains from last week, as technology shares pull back from 2023 highs. The Dow Jones Industrial Average
DJIA,
-0.59%
fell about 200 points on Monday, or 0.6%, ending near 33,562, according to preliminary FactSet data. That was near the session’s low. The S&P 500 index
SPX,
-0.20%
shed 0.2%, giving up earlier gains needed to qualify as having exited bear-market territory. The Nasdaq Composite Index
COMP,
-0.09%
ended 0.1% down. Recent gains have largely come from a small group of technology shares, which have powered the overall stock market higher. Among the group is Apple Inc.,
AAPL,
-0.76%
which saw shares briefly touch a new intraday trading record on Monday. It lost its grip, however, on those gains in roughly the last hour of trade, ending the session down 1.1%, according to FactSet. With a blackout period in force for Federal Reserve staff, investors remain focused on economic data to help gauge whether the central bank will skip a rate hike at is June 13-14 meeting next week, or give more time for its 500 basis points of rate increases more time to filter through the economy.