04:30 PM EST, 03/04/2024 (MT Newswires) -- US benchmark equity indexes fell Monday, with the S&P 500 and the Nasdaq Composite retreating from their respective all-time high closing levels reached Friday.

The S&P 500 dropped 0.1% to 5,131, while the technology-heavy Nasdaq declined 0.4% to 16,207.5. The Dow Jones Industrial Average slipped 0.3% to 38,989.8. Communication services and consumer discretionary saw the steepest declines among sectors. Utilities paced the gainers.

"We're currently on a run that you may not see again in your lifetimes," Deutsche Bank said in a note. Last week, the S&P 500 completed a run of 16 positive weeks out of the past 18 for the first time since 1971, according to the brokerage. "If this carries on for another week, it'll be 17 out of 19 for the first time since 1964."

The US two-year yield increased 7.5 basis points to 4.61% Monday, while the 10-year rate added 3.7 basis points to 4.22%.

January's hotter-than-projected inflation data served as another reminder that the path to price stability is "not a straight line," said Raphael Bostic, president of the Federal Reserve Bank of Atlanta.

"I need to see more progress to feel fully confident that inflation is on a sure path to averaging 2% over time," Bostic said. "Only when I gain that confidence will I feel the time is right to begin lowering the federal funds rate to dial back restrictive monetary policy."

The central bank's Federal Open Market Committee tightened monetary policy by 525 basis points from March 2022 through July 2023 to tame inflation. It has held interest rates steady since then.

West Texas Intermediate crude oil dropped 1.5% to $78.77 per barrel Monday. On Sunday, certain members of the Organization of the Petroleum Exporting Countries and its allies announced that their voluntary production cuts will be extended through the end of the second quarter.

In company news, Apple ( AAPL ) was fined more than 1.8 billion euros ($1.96 billion) by the European Union's executive arm for allegedly abusing its market position for the distribution of music streaming apps. The iPhone maker's shares fell 2.5% Monday, the second-steepest decline on the Dow.

A potential partnership between Lyft (LYFT) and DoorDash (DASH) would bring the companies on a more level playing field with Uber (UBER) and create a "stable duopoly," RBC Capital Markets said in a note. Lyft shares increased 4.5% on Monday. DoorDash advanced 3.9%, the second-top gainer on the Nasdaq.

JetBlue Airways ( JBLU ) terminated its planned merger with Spirit Airlines ( SAVE ) amid regulatory hurdles after the US Justice Department blocked the deal in January on antitrust concerns. JetBlue ( JBLU ) shares rose 4.3%, while Spirit Airlines ( SAVE ) plummeted 11%.

Gold gained 1.4% to $2,125.40 per troy ounce, while silver jumped 3.3% to $24.13 per troy ounce.