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U.S. stocks end lower on Monday as technology shares retreat from 2023 highs, unable to sustain last week’s strong gains. The Dow Jones Industrial Average closes just below 200 points, or 0.6%, finishing near 33,562, according to preliminary FactSet data, near the session’s lowest point. The S&P 500 index drops 0.2%, relinquishing earlier gains necessary to break free from bear-market territory. Meanwhile, the Nasdaq Composite Index concludes 0.1% lower.

The stock market’s recent gains have been primarily driven by a select few technology shares, significantly boosting overall market performance. One notable example is Apple Inc., whose shares briefly reached a new intraday trading record on Monday. However, the company relinquished those gains in the final hour of trading, ultimately closing the session with a 1.1% decline, according to FactSet.

Due to a blackout period for Federal Reserve staff, investors are closely monitoring economic data to assess whether the central bank will proceed with a rate hike during its upcoming meeting on June 13-14. They are also considering whether to allow more time for the impact of the previous 500 basis points of rate increases to permeate through the economy.