Tech stocks fell on Monday, June's first day of trading, amid reports that the U.S. government is planning to target a host of big companies in the industry with antitrust and business practice probes. Shares of Alphabet, Amazon, Facebook and Apple all weighed on the market during Monday's session.

The Nasdaq Composite dropped 1.6% to enter correction territory, closing more than 10% below its record high set in late April at 7,333.02. The slid 0.3% to 2,744.45 while the Dow Jones Industrial Average ended the day just above breakeven at 24,819.78.

Alphabet shares pulled back 6.1% after reports said the Justice Department is preparing to launch an antitrust probe on Google. Meanwhile, Facebook dropped 7.5% after The Wall Street Journal reported the Federal Trade Commission would be able to look into Facebook's practices and how they impact digital competition.

"The whole component of what's going on in tech right now goes back to the rhetoric of Sen. Elizabeth Warren threatening to break up tech giants," said Jeff Kilburg, CEO of KKM Financial. "We thought that was just rhetoric. But now with this news hitting, it's really impactful."

Amazon shares fell 4.6% after The Washington Post said an arrangement between the Federal Trade Commission and the Justice Department put the e-commerce giant under the FTC's microscope. Apple also slipped 1% after Reuters reported the Justice Department received jurisdiction to investigate the company's practices.

Communications services, consumer discretionary and tech were the worst-performing sectors in the S&P 500 on Monday. Communications dropped more than 2.5%, its biggest one-day drop since late October, while consumer and tech both closed more than 1% lower.

"With the trade stuff going on, [big tech] has been a bit of a hiding place," said Christian Fromhertz, CEO of The Tribeca Trade Group. "You just can't hide right now."