US stocks hover near their latest record in mixed trading on Wall Street

Wall Street kicked off a busy week on Monday with a mixed finish for the major U.S. stock indexes, although the market remained near its all-time high.

The S&P 500 slipped 0.1% after wavering between small gains and losses. The benchmark index set a record high last Tuesday and is up 14% so far this year.

The Dow Jones Industrial Average rose 0.4%, and the Nasdaq composite fell 0.4%.

Shares in roughly 64% of the companies in the S&P 500 rose, led by communication services stocks. Meta Platforms rose 3.4%, T-Mobile added 2.2%, AT&T gained 1.4% and Verizon Communications rose 2.7%.

Energy stocks had some of the biggest gains as oil prices kept rising. Chevron rose 1.4%.

Despite those gains, a slide in big technology stocks dragged the market into the red.

Micron Technology fell 3.9%, Advanced Micro Devices dropped 2.3%, Broadcom slid 1.9% and Nvidia gave up 1.3%. They are among several companies in the sector with big stock values that tend to have a heavy influence on the market. They have also been the driving force behind the broader market’s record gains throughout the year.

Those companies could face more scrutiny from investors during this round of corporate earnings as Wall Street tries to get a better sense of whether the stock gains made during the frenzy over artificial intelligence can translate into future growth.

“AI continues to support growth, reinforcing the outlook for tech and critical suppliers across the supply chain," wrote Magdalena Ocampo, market strategist at Principal Asset Management, in a report. ”Yet uncertainty about AI’s long-term impact persists, making future gains more reliant on earnings delivery rather than potential."