U.S. stocks pulled back from Friday's records to close narrowly mixed on Monday ahead of Fed Chair Janet Yellen's remarks over the next two days.
"You had a nice run up last week," said Quincy Krosby, market strategist at Prudential Financial. "It's not unusual for the market to consolidate a little and you have (a big Fed speaker tomorrow)."
The Nasdaq closed in the green as Apple closed at $133 a share, another all-time high. The iPhone maker said Monday it will spend $1.9 billion to build two new European data centers, one in Ireland, the other in Denmark.
Boeing weighed on the Dow Jones industrial average to close down more than 2 percent after Goldman Sachs downgraded the airplane manufacturer to "sell" from "neutral," saying the firm is the most exposed in the industry to aircraft demand risk.
Federal Reserve Chair Janet Yellen testifies before both houses of Congress on Tuesday and Wednesday.
"I think people are looking past Greece to Yellen tomorrow and Wednesday," said Marc Chandler of Brown Brothers Harriman.
Although many interpreted last week's Fed minutes as dovish, he said that Yellen will likely remind markets that a June rate hike is still on the table.
Greece was expected to present reform proposals on Monday, but a Greek government official told Reuters that the country will submit the list of its reforms to the Eurogroup on Tuesday morning. The list will include reforms to fight tax evasion and corruption, measures to reform the public sector and cut bureaucracy, the official said.
"I don't read too much into it minute by minute," said Michelle Gibley, director of international research at Charles Schwab. "Greece's impact on the market has ebbed."
The Eurogroup of regional finance ministers gave the country's bailout program a four-month extension on Friday and requested that Greece submit a list of reforms on Monday.
Energy and financials were among the greatest decliners in the S&P 500. Crude oil settled below $50 a barrel, while brent fell to dip below $59 a barrel.Oil spiked briefly on news that the recent declines could trigger an
Oil "is not going to spook the market" unless it falls suddenly to $46, said JJ Kinahan, chief derivatives strategist at TD Ameritrade.
With an interest rate hike, the financials sector would have greater profit margins.
On Friday, U.S. stocks rallied to close at record highs after the resolution between Greece and the euro zone. The Dow Jones industrial average closed up more than 150 points, its first record close for 2015.