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Also adding pressure to market sentiment, the Federal Reserve Bank of New York's Empire Manufacturing survey showed business conditions improved for manufacturers in the area for the tenth consecutive month in May, but at a slower pace than economists had expected.
The New York Fed reported its gauge of regional manufacturing activity fell to 19.11 in May from 31.86 in April. The level still indicates growth but was much weaker than the expected level of 30.
The NY Fed report, along with the Philly Fed report, due out on Thursday, was watched closely as a precursor to the national report on manufacturing from the Institute for Supply Management. Meanwhile, U.S. home-builder sentiment hit a 2.5-year high in May, boosted by the homebuyer tax credits and strengthening economy, according to the National Association of Home Builders.
Monday's move came after a two-day slump in Wall Street, as investors worried more budget-cutting measures may cause an economic slowdown in Europe. Despite that, both the Dow and S&P gained more than 2 percent last week, while the technology-heavy Nasdaq rose more than 3.5 percent.