The Dow Jones industrial average and Nasdaq composite ended February 10 percent or more below their 52-week intraday highs, in correction territory. The S&P 500 was within 10 percent of its 52-week intraday high, out of correction territory.
The Dow transports closed down 0.8 percent Monday but gained 6.35 percent for February, their best month since January 2013.
The Russell 2000 lost 0.3 percent Monday and ended February down 0.14 percent, for its third-straight monthly decline.
On Friday, the S&P 500 and Dow Jones industrial average closed above their 50-day moving averages.
"The SPX cleared short-term resistance last week, but we expect upside follow-through to be limited by short-term overbought conditions," BTIG Chief Technical Strategist Katie Stockton said in a note.
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The Dow Jones industrial average closed down 123.47 points, or 0.74 percent, at 16,516.50, with Caterpillar leading advancers and JPMorgan Chase the greatest decliner.
The Dow gained 0.30 percent for February, with DuPont up almost 15.4 percent as the top gainer and Microsoft down 7.6 percent as the worst performer.
The S&P 500 closed down 15.82 points, or 0.81 percent, at 1,932.23, with health care leading nine sectors lower and utilities the only gainer.
The index lost 0.41 percent for February, with financials falling nearly 3.2 percent as the worst performer and materials up 7.3 percent as the best performer.
The Nasdaq composite closed down 32.52 points, or 0.71 percent, at 4,557.95.
The Nasdaq fell 1.21 percent for the month. Apple declined 0.67 percent for the month. The iShares Nasdaq Biotechnology ETF (IBB) lost 4.85 percent for February.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, held near 20.5.
Advancers were a touch ahead of decliners on the New York Stock Exchange, with an exchange volume of nearly 1.3 billion and a composite volume of 4.4 billion.
Gold futures for April delivery settled up $14 at $1,234.40 an ounce. Gold gained 10.57 percent for February, its best month since January 2012.
MSCI on Monday also rebalanced several of its major indexes including the MSCI US Equity Large Cap 300 Index. The three largest deletions from the index were Continental Resources, Marathon Oil and Freeport-McMoRan, according to a release. Changes are effective Tuesday.