At the close of trade, the Dow Jones Industrial Average index added 26.76 points, or 0.08%, to 32,223.42. The S&P500 index fell 15.88 points, or 0.39%, to 4,008.01. The tech-heavy Nasdaq Composite Index dropped 142.21 points, or 1.2%, to 11,662.79.
Advancing stocks outnumbered declining ones on the NYSE exchange by 1692 to 1622 and 132 closed unchanged. In the NASDAQ, 2010 issues advanced, 2736 issues declined, and 249 issues unchanged.
Total 7 of 11 major S&P 500 sector indexes declined, with bottom performing issues were consumer discretionary (down 2.1%), information technology (down 0.9%), real estate (down 0.8%), and financials (down 0.78%), while top performing issues included energy (up 2.6%) and healthcare (up 0.7%).
Factory activity in New York state slumped in May for the third time this year amid a collapse in new orders and shipments. The New York Federal Reserve said on Monday its Empire State index on current business conditions tumbled 36.2 points to a reading of -11.6 this month. A reading below zero signals a contraction in the New York manufacturing sector. Manufacturers reported a sharp decline in orders. The survey's new orders index collapsed 33.9 points to a reading of -8.8. There were also massive decreases in shipments and unfilled orders measures. Factories continued to wait long periods for supplies to be delivered, keeping prices elevated.
A downward revision in EU growth forecast by the European Commission, and data showing German wholesale price inflation hitting a record high weighed as well.
China's economic activity cooled sharply in April as widening COVID-19 lockdowns took a heavy toll on consumption, industrial production and employment, adding to fears the economy could shrink in the second quarter.
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Energy stocks moved higher as crude oil prices rose sharply on supply concerns and amid bets energy demand in China will pick up once the Covid lockdowns are lifted.
Shares of Eli Lilly gained 2.7% after the drugmaker said it has bagged the nod from the regulator for tirzepatide that helps treat adults with type 2 diabetes.
Spirit Airlines shares soared 13.6% after JetBlue Airways launched a hostile takeover bid for the discount carrier. JetBlue shares drifted down more than 6%.
Among Indian ADR, Azure Power Global fell 1.77% to $12.18. Dr Reddy's Labs fell 0.35% to $50.68, HDFC Bank fell 0.23% to $53, Tata Motors fell 1.14% to $26.09, Wipro fell by 1.8% to $6.04, and INFOSYS fell 2.62% to $18.94. WNS Holdings added 0.07% to $71.18 and ICICI Bank inclined 0.23% to $17.71.
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