U.S. stocks closed narrowly mixed Monday, holding most of last week's gains, as investors readied for another week of earnings and central bank announcements.
It's "just a little profit taking ahead of big earnings and data tomorrow," said Peter Cardillo, chief market economist at Rockwell Global Capital.
Apple closed down more than 3 percent ahead of its earnings report due after the close Tuesday. Chevron declined 2.7 percent to join Apple as the greatest weights on the Dow Jones industrial average. The S&P 500 held mildly lower as the energy sector lagged. ( Tweet This )
Also pressuring the iPhone maker's stock
was Monday news that supplier Dialog Semiconductor reported preliminary earnings and guidance that missed expectations, according to Street Account. Shares of Dialog plunged 20 percent in London trade.
It "suggests Apple's fourth-quarter units may not be as strong as many expect," said Brian Blair, principal and co-founder of Grays Peak Capital.
Despite the decline in Apple, the Nasdaq composite eked out a slight gain as most tech stocks advanced and the iShares Nasdaq Biotechnology ETF (IBB) closed up 0.4 percent.
Shares of Alphabet, Google's holding company, closed about 1.5 percent higher. Microsoft rallied 2.6 percent and Facebook and Amazon ended up about 1.6 percent.
Stocks rallied last week, with the S&P 500 ending in positive territory for 2015, after hints of further stimulus from the European Central Bank Thursday and a surprise rate cut by the People's Bank of China Friday.
The rally in stocks last week "was all about monetary policy and earnings and it's going to be the same this week," said Art Hogan, chief market strategist at Wunderlich Securities.
"At the levels we're at in the S&P we're going to need a new catalyst to move us forward," he said. "We know this week we'll have to see significant data and earnings to move forward from here."
"I think this is a pattern we've seen for the past three weeks where we see a bit of profit taking at the beginning of the week," said Marc Chaikin, CEO of Chaikin Analytics.