04:54 PM EDT, 06/03/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Monday after two reports showed diverging states of the manufacturing sector for May.

The Nasdaq Composite rose 0.6% to 16,828.7, while the S&P 500 gained 0.1% to 5,283.4. The Dow Jones Industrial Average fell 0.3% to 38,571. Technology led sector gainers, while energy posted the steepest decline.

In economic news, the Institute for Supply Management's purchasing managers' index fell to 48.7 last month from 49.2 in April, below the Bloomberg-compiled consensus for a 49.6 print.

"US manufacturing activity continued in contraction after growing in March, the first expansion for the sector since September 2022," said Timothy Fiore, chair of the ISM's manufacturing business survey committee. "Demand was soft again, output was stable and inputs stayed accommodative."

Separately, S&P Global ( SPGI ) said its manufacturing PMI rose to 51.3 in May from 50 the previous month, outperforming the 50.9 Bloomberg consensus. New orders returned to growth and supported a faster expansion in production halfway through the second quarter, according to the report.

The US 10-year yield tumbled 12 basis points to 4.39% Monday, while the two-year rate dropped 8.1 basis points to 4.81%.

West Texas Intermediate crude oil declined 3.7% to $74.16 per barrel Monday after certain oil producers over the weekend agreed to extend production cuts of 3.6 million barrels a day through the end of 2025 and to start unwinding some voluntary reductions later this year.

In company news, Skydance Media is planning to offer $23 a share to investors in Paramount Global's (PARA, PARAA) voting stock as part of its merger offer, Bloomberg News reported, citing unnamed sources. Paramount's class B shares jumped 7.5%, the best performer on the S&P 500, while its class A shares rose 7.1%.

Nvidia ( NVDA ) was the top gainer on the Nasdaq and among the best on the S&P 500, up 4.9%. Rockwell Automation ( ROK ) said it expanded its artificial intelligence partnership with Nvidia ( NVDA ) to include robotics. On Sunday, Nvidia ( NVDA ) separately announced partnerships with several computer industry companies to build AI factories and data centers.

Chevron ( CVX ) shares fell 3% Monday, the steepest decline on the Dow, after Bloomberg reported that the company's Gorgon liquefied natural gas export facility in Australia halted output on one of its three units.

Gold rose 1% to $2,369.70 per troy ounce, while silver added 0.8% to $30.70 per ounce.