Wall Street's main indexes gave up early gains on Monday as worries about the Delta variant of the coronavirus and a slowing US economy overshadowed optimism around more fiscal stimulus and a strong second-quarter earnings season.
Data earlier in the day showed that although US manufacturing grew in July, its pace slowed for a second straight month as spending rotated back to services from goods, and shortages of raw materials persisted.
Only five of the 11 S&P indexes were trading higher by early afternoon, led by real estate and utilities, generally considered safe bets at a time of uncertainty.
The weaker-than-expected data also sent the benchmark 10-year bond yield to its lowest since July 20 and oil prices tumbling 4%.