04:31 PM EDT, 04/15/2024 (MT Newswires) -- US benchmark equity indexes fell Monday, as markets assessed a report showing that retail sales rose more than expected last month.

The Nasdaq Composite slipped 1.8% to 15,885, while the S&P 500 dropped 1.2% to 5,061.8. The Dow Jones Industrial Average slid 0.7% to 37,735.1. All sectors closed lower, led by technology and real estate.

In economic news, US retail sales increased 0.7% in March following February's upwardly revised 0.9% gain. Analysts were modeling for a 0.4% increase, according to a consensus survey compiled by Bloomberg.

"Remarkably strong retail sales numbers for March contradict somewhat weaker survey and credit card spending evidence, but with jobs, inflation and activity all beating expectations the Federal Reserve is in no position to carry through with interest rate cuts anytime soon," ING said in a note.

The US 10-year yield jumped 11.7 basis points to 4.62% Monday, while the two-year rate added 3.8 basis points to 4.92%.

US homebuilder confidence held steady this month as mortgage rates lingered at elevated levels and pushed some homebuyers back to the sidelines, according to National Association of Home Builders and Wells Fargo data.

"April's flat reading suggests potential for demand growth is there, but buyers are hesitating until they can better gauge where interest rates are headed," NAHB Chief Economist Robert Dietz said.

New York manufacturing activity improved less than expected into shallower contraction territory this month as shipments declined sharply, the Federal Reserve Bank of New York said.

West Texas Intermediate crude oil was fractionally down at $885.65 per barrel Monday.

In company news, Salesforce ( CRM ) is in discussions to acquire Informatica ( INFA ) , news outlets reported, citing unnamed sources. Salesforce ( CRM ) shares slipped 7.3%, the steepest decline on the S&P 500 and the Dow Jones, while Informatica ( INFA ) sank 6.5%.

Tesla (TSLA) shares fell 5.6%, among the steepest drops on the S&P 500 and the Nasdaq, after various media outlets reported that the electric vehicle maker has told employees in an internal e-mail that it plans to lay off more than 10% of its global workforce.

M&T Bank ( MTB ) was the top gainer on the S&P 500, up 4.7%, after the lender lifted its net interest income outlook for the full year in anticipation of the Fed executing fewer interest rate cuts. The company's Q1 results declined year over year.

Gold increased 1.2% to $2,401.40 per troy ounce, while silver jumped 2.2% to $28.95 per ounce.