The Nasdaq composite still underperformed the S&P and Dow as Facebook fell 3 percent to $112.55 a share. Deutsche Bank said Monday it thinks Facebook's first-quarter results may come in light but maintained a positive long-term view with a "buy" rating and $145 price target, according to StreetAccount.
Other major tech names such as Amazon.com, Intel and Alphabet also declined to weigh on the Nasdaq.
"It's almost like a small area of the market is what's keeping us up," said JJ Kinahan, chief strategist at TD Ameritrade.
He attributed much of the decline in stocks to "profit-taking after a big week" and "maybe a bit of juggling. What sectors do we want to be in, what sectors do we want to be out of, come earnings?"
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"Now we're in a little bit of a lull until earnings season gets going," said James Meyer, chief investment officer at Tower Bridge Advisors.
Treasury yields held mixed, with the 2-year yield higher near 0.74 percent and the 10-year yield little changed around 1.77 percent.
The U.S. dollar index held mildly lower, with the euro at $1.14 and the yen at 111.3 yen against the greenback.
Gold futures for June delivery settled down $4.20 at $1,219.30 an ounce. The Market Vectors Gold Miners ETF (GDX) closed down 2.9 percent.
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Federal Open Market Committee voting member Boston Fed President Eric Rosengren said he believed it will likely be appropriate to resume the path of gradual tightening sooner than is implied by financial market futures. He added the "U.S. has weathered foreign shocks quite well" and that risks from abroad are easing.
"It doesn't matter what he's saying because it only matters what (Fed Chair) Janet Yellen is saying and she told us what she's thinking last week," Klein said.
Alternate members Minneapolis Fed President Neel Kashkari and Dallas Fed President Rob Kaplan are due to give remarks in the evening. Fed Chair Janet Yellen is due to speak on Thursday.
In economic news, factory orders declined 1.7 percent in February. One of the major reports due this week is the Fed meeting minutes on Wednesday.
U.S. stocks shook off declines in oil prices to close higher Friday after an encouraging jobs report and ISM manufacturing data. The major averages posted their sixth positive week in the last seven.
"I think we're in a fairly stable place in the U.S. as long as we don't see huge corrections one way or another in oil or the dollar," Todd Hedtke, senior vice president and chief investment officer for Allianz Investment Management (AIM) U.S., said on Friday.