U.S. stocks were mixed on Monday, with technology shares slammed ahead of Alibaba's planned debut later in the week, as investors unloaded high-fliers a day before the Federal Reserve starts a two-day policy session.
"Today's the day when the Nasdaq is getting its due," said Bruce McCain, chief investment strategist at Key Private Bank, who noted that stocks leading the decline included "some of the names that have really run up the most."
"We are becoming a risk-aware market compared to where we were last year, and that's not a bad thing," added McCain.
Facebook was among the top decliners on the S&P 500, with the social network down 3.7 percent, curbing its year-to-date gain of 36 percent. TripAdvisor dropped 4.1 percent and Netflix declined 4 percent.
"It looks like some accounts may be raising cash by selling growth stocks," Elliot Spar, market strategist at Stifel, Nicolaus & Co., wrote in afternoon commentary.
"The market is feeling more tired than in the past. Take a look at the way we decelerated this year, we're up about 13 percent through June 30, versus earnings up about 9 percent. That's a lot more in balance than 30 percent gains last year versus 7 percent earnings," said McCain.
Molson Coors Brewing rallied on merger activity among brewers; Yahoo, which holds a 23 percent stake in Alibaba, turned lower as China's biggest e-commerce company planned its initial public offering; Microsoft fell after saying it would acquire Mojang, the creator of the "Minecraft" video-game franchise, for $2.5 billion; Apple reversed lower after saying it had drawn a record four million first-day pre-orders for its iPhone 6 and iPhone 6 plus.