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After clocking its best quarter since 2013, the Nasdaq Composite began the new one by advancing as much 0.3 per cent to a fresh all-time high of 5,928.93 on Monday before trimming back those gains.

Silicon Valley stocks have enjoyed a nice run that has seen the Nasdaq advance nearly 10 per cent so far this year. It comes as Facebook, Amazon, Netflix and Google-parent Alphabet, so-called Fang stocks rising on average nearly 17.1 per cent so far this year.

However, by pixel time the benchmark index had given up its gains to trade flat at about 5,912.26. The S&P 500 and Dow Jones Industrial Average were both down about 0.1 per cent to 2,360.69 and 20,648.24 respectively.

The moves come as investors digested the latest data showed manufacturing growth cooled and as investors await a fresh batch of economic indicators including the jobs report.

Copyright The Financial Times Limited 2017. All rights reserved.

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