04:24 PM EST, 03/03/2025 (MT Newswires) -- US benchmark equity indexes closed lower Monday as markets reacted to the latest manufacturing sector data amid a selloff in Nvidia ( NVDA ) shares.

The Nasdaq Composite dropped 2.7% to 18,338.2, while the S&P 500 fell 2% to 5,837.1. The Dow Jones Industrial Average was down 1.7% to 43,084. Among sectors, technology was the steepest decliner, while real estate led the gainers.

US Treasury yields slid, with the 10-year yield sinking about 0.05 basis points to 4.2%. The two-year rate was down 0.04 to nearly 4%.

April West Texas Intermediate crude oil dropped 2.1% to $68.28 a barrel Monday.

In economic news, the manufacturing sector expanded for the second consecutive month in February despite a contraction in new orders, according to the Institute for Supply Management.

Various sectors are reporting significant uncertainty and volatility due to current and proposed tariffs, particularly those affecting trade with Mexico and Canada, as well as steel and aluminum imports.

The US manufacturing sector expansion accelerated in February as output and new work climbed at stronger rates amid an increase in costs and output prices, according to the S&P Global's US Manufacturing PMI report.

In company news, Super Micro Computer ( SMCI ) was the worst performer on the S&P 500 with shares down nearly 14% after reports that servers provided by the company and Dell Technologies ( DELL ) , potentially containing Nvidia ( NVDA ) chips, are being linked to a Singaporean fraud case.

Verizon (VZ) shares were up over 1.4% a day after Lockheed Martin ( LMT ) said it is collaborating with Nokia ( NOK ) and Verizon to incorporate Nokia's ( NOK ) 5G technology into its 5G.MIL Hybrid Base Station, which connects commercially available 5G with military communication systems.

Allegro MicroSystems ( ALGM ) shares increased 14% after Bloomberg reported Sunday that ON Semiconductor (ON) is working on a potential acquisition of the company.

Aclarion ( ACON ) shares soared 107% after signing a commercial agreement with Scripps Health, adding its Nociscan technology platform to treat lower back pain to Scripps facilities in San Diego.

Gold increased 1.6% to $2,892.7 per troy ounce, while silver was up 2.2% to $32.20 per troy ounce.