US benchmark equity indexes closed lower on Monday, as President Donald Trump once again called on Federal Reserve Chair Jerome Powell to cut interest rates immediately.

The Nasdaq Composite declined 2.6% to 15,870.90, while the S&P 500 dropped 2.4% to 5,158.20. The Dow Jones Industrial Average fell 2.5% to 38,170.41. All sectors were in red, with consumer discretionary and technology posting the steepest declines.

US Treasury yields were mixed, with the 10-year rate increasing about 8.1 basis points to 4.41% and the two-year rate falling 4 basis points to 3.76%.

June West Texas Intermediate crude oil dropped 2% to $62.75 a barrel on Monday.

President Trump said Monday the US economy could slow down unless Powell lowers interest rates immediately. Last week, Trump said Powell should have lowered rates "long ago." Powell's termination "cannot come fast enough!" Trump wrote at the time.

A hike in interest rates in September cannot be ruled out, "especially if the Fed feels obligated to 'push back' against Trump's rhetoric and inflation expectations remain high, challenging the Fed's credibility," Macquarie said in a Monday note to clients.

In economic news, the Conference Board Leading Economic Index for the US declined 0.7% in March due to three components, including a further drop in consumer expectations, the largest monthly decline in stock prices since September 2022, and softening of new manufacturing orders.

The Conference Board downwardly revised the US GDP growth forecast for 2025 to 1.6%. "The slower projected growth rate reflects the impact of deepening trade wars, which may result in higher inflation, supply chain disruptions, less investing and spending, and a weaker labor market," Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators at The Conference Board, said.

In company news, Discover Financial Services (DFS) was the top gainer on the S&P 500 with shares up 3.6%. The company said that banking regulators have issued orders resolving their investigations on the previously disclosed card product misclassification issue. Together, the Federal Deposit Insurance Corporation and the Federal Reserve Board assessed civil money penalties of $250 million.

Fidelity National Information (FIS) shares jumped 2.4%. Citigroup upgraded its rating on the company's stock to buy from neutral, and TD Cowen upgraded to buy from hold.

Achieve Life Sciences (ACHV) shares rose 13%. The company plans to file a new drug application with the US Food and Drug Administration in June for its cytisinicline drug candidate after publishing complete results from a second late-stage study showing benefits for adult smokers trying to quit by reducing nicotine cravings.

Blackstone (BX) shares were down 7.8%, among the worst performers on the S&P 500. Goldman Sachs and Deutsche Bank reduced their respective price targets on the private equity giant's stock.

Gold increased 3.1% to $3,431.90 per troy ounce, while silver was up 0.7% to $32.68 per troy ounce.