U.S. equities fell on Monday, but closed well off their lows, while investors digested key economic and auto sales data.
"The negative narrative today was disjointed and loose," said Art Hogan, chief market strategist at Wunderlich Securities. "It's hard to take out this market when the fundamentals are so strong.
The Dow Jones industrial average closed about 10 points lower, with DuPont and Goldman Sachs contributing the most losses. The 30-stock index briefly fell more than 100 points earlier in the session.
"Investors continue to look for strong economic data as we try to rely less on the government, especially in a world where the Fed is tightening and the Trump policies haven't come through yet," said Jack Ablin, chief investment officer at BMO Private Bank.
The S&P 500 dropped 0.2 percent, with materials and consumer discretionary lagging. The Nasdaq composite hit a new all-time intraday before sliding 0.3 percent.
The ISM manufacturing index read for March hit 57.2, topping estimates but slipping from the previous month's level. Construction spending rose 0.8 percent in February to its highest level in nearly 11 years.
Monthly auto sales numbers were released throughout the day, with Ford, General Motors and Fiat Chrysler all reported declining numbers. Sales totaled 16.62 million for March, according to Autodata.
U.S. Treasurys bounced following the data releases, with the benchmark 10-year note yield falling to 2.33 percent and the two-year note yield slipping to 1.23 percent.