(CNBC) -- A stock rally on Wall Street lost steam on Monday, with the Dow Jones Industrial Average losing a more than 350 point gain from earlier in the session.
The Dow Jones Industrial Average lost 215.65 points, or 0.69%, to 31,072.61 — accelerating losses in the final hour of trading and erasing a 356 point jump at one point in the day. The S&P 500 fell 0.84% to 3,830.85. The Nasdaq Composite declined 0.81% to 11,360.05
The late-day pullback follows a Bloomberg report that said Apple plans to slow hiring and spending on growth next year to deal with a possible downturn. Shares of Apple declined 2.1%.
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