04:35 PM EDT, 04/01/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Monday, while Treasury yields surged, as traders evaluated the latest macroeconomic data.

The Dow Jones Industrial Average fell 0.6% to 39,566.9, while the S&P 500 lost 0.2% to 5,243.8, both retreating from their all-time high levels reached Thursday. The Nasdaq Composite rose 0.1% to 16,396.8. Real estate saw the steepest decline among sectors, while communication services paced the gainers.

Stock markets were closed Friday for Good Friday holiday.

On Friday, government data showed that the annual headline personal consumption expenditures price index accelerated to 2.5% in February from 2.4% the previous month, while the Federal Reserve's preferred core measure -- which excludes the volatile food and energy components -- eased to 2.8% from January's 2.9% rise. On a monthly basis, both metrics slowed.

"It will take more evidence of inflation moderation in the months ahead to give the Fed the confidence to pull the trigger on its first rate cut this year," BMO Capital Markets said in a Friday note.

The US 10-year yield jumped 12.7 basis points to 4.32% Monday, while the two-year rate rose 9.1 basis points to 4.71%.

Manufacturing activity in the US expanded last month amid increased output, as the Institute for Supply Management index turned positive on Monday for the first time in 16 months. A separate S&P Global (SPGI) index unexpectedly declined, but remained in growth territory.

"The US manufacturing sector moved into expansion for the first time since September 2022," said Timothy Fiore, chair of the ISM's manufacturing business survey committee. "Demand was positive, output strengthened and inputs remained accommodative."

Gold advanced 1.1% to $2,262 per troy ounce, aided by expectations that monetary policy easing could start as soon as June. The precious metal hit a record high of $2,286.4 earlier in the session, CNBC reported. Silver rose 0.8% to $25.11 per ounce.

In company news, Walgreens Boots Alliance ( WBA ) shares sank 10%, the steepest decline on the S&P 500 and the Nasdaq. The drug-store operator on Thursday lowered the high end of its full-year earnings outlook, after posting stronger-than-expected fiscal Q2 revenue.

3M ( MMM ) was the best performer on the S&P 500 and the Dow on Monday, up 6%. The industrial conglomerate said its multi-billion-dollar settlement to address water pollution claims by public suppliers across the US received final court approval on Friday. The company completed its spinoff of the Solventum (SOLV) healthcare business.

West Texas Intermediate crude oil gained 0.9% to $83.93 per barrel.