The Japanese yen and the Swiss franc gained while the U.S. dollar fell against major currencies on Monday amid a selloff in technology stocks as markets weighed the implications of a Chinese startup launching a free open-source artificial intelligence model.

The benchmark S&P 500 was down 1.6 per cent to 6,003.04, dragged down by technology stocks. AI chipmaker Nvidia was down nearly 14 per cent to $123.02