The Institute for Supply Management released its manufacturing purchasing managers' index for the U.S. on Monday. The index slid to 50.8 in April from 51.8 in March. Analysts had expected the index to decrease to 51.5.

A reading above 50 indicates expansion, below indicates contraction.

The decrease was mainly driven by falls in production and new orders. The production index dropped to 54.2 in April from 55.3 in March, while the new orders index plunged to 55.8 from 58.3.

The employment index was up to 49.2 in April from 48.1 in March.

The price index jumped to 59.0 in April from 51.5 in March.