US equities fell on Monday, with both technology and energy stocks erasing earlier gains on light trading volume.

Apple erased gains of up to 2% in anticipation of a new mixed-reality headset, leading the S&P 500 lower. Chevron and Exxon Mobil both fell after earlier rallying on higher oil prices following Saudi Arabia's supply cut.

Meanwhile, Treasuries slid following news that the US services sector nearly stagnated in May. The Institute for Supply Management's overall service index unexpectedly fell to its lowest level of the year, indicating a less optimistic view of the US economy.

The S&P 500 has risen significantly as a result of a rally in Big Tech and expectations of a pause in interest rate hikes. However, risks remain, with traders increasingly speculating that the Federal Reserve will hold rates steady in June while keeping the door open for future hikes.