U.S. stocks fell Tuesday, as momentum on Wall Street faded following the S&P 500's best week since 2020.
The Dow Jones Industrials plunged 391.19 points, or 1.2%, to begin a shortened week at 32,821.77.
The S&P 500 subtracted 50.09 points, or 1.2%, to 4,108.15
The NASDAQ Composite erased 167.27 points, or 1.4%, to 11,963.86.
After a holiday hiatus Monday, U.S. stocks are on track to close the month lower despite last week's massive rally. The Dow and the S&P 500 are both down less than 1% in May, while the NASDAQ is off by more than 2%.
Industrial stocks linked to the economic cycle fell Tuesday, weighing on the Dow. 3M, Honeywell and Boeing each lost about 2%.
Health-care was the worst-performing S&P sector, down 1.8% Tuesday. Johnson & Johnson led the Dow to the downside, off by nearly 3%.
Energy stocks were the only positive sector Tuesday. Marathon Oil jumped more than 5%, while Diamondback Energy rose about 4% and Occidental Petroleum gained more than 3%.
Traders will look through more corporate quarterly earnings during the holiday-shortened week. Salesforce, HP and Victoria's Secret are expected to report earnings on Tuesday after the bell.
Treasury prices collapsed, raising yields to 2.86% from Friday's 2.74%. Treasury prices and yields move in opposite directions.
Oil prices moved higher $3.79 to $118.86 U.S. a barrel.
Gold prices lost $2.50 to $1,848.80 U.S. an ounce.