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Pfizer, which reported disappointing trial results from a potential breast cancer treatment, also led the S&P 500 lower with a decline of more than 7%.

The muted trading Monday came after the S&P 500 and Dow each gained at least 3% last, week while the Nasdaq Composite advanced 1.8% to close out May. Those gains were propelled by increasing bets by traders that the global economy will successfully reopen after the coronavirus forces a shutdown of most economic activity.

Last week’s gains led the major averages to their first back-to-back monthly advances since late 2019. The Dow and S&P 500 gained 4.3% and 4.5%, respectively, for May while the Nasdaq Composite advanced 6.8%.

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