Stocks fell on Monday as investors monitored a major shakeup in the pipeline for artificial intelligence initial public offerings amid growing safety concerns as well as the latest oil moves.

The S&P 500 lost 0.7%, while the Nasdaq Composite tumbled 1.2%. The Dow Jones Industrial Average fell 140 points, or 0.3%.

Elmet Group opens new tab said on Monday one of its units had been awarded a contract worth about $2 billion by the U.S. ​Defense Logistics Agency (DLA) to help rebuild the National Defense Stockpile ‌and strengthen the country's tungsten supply chain.