U.S. equities close slightly lower on Monday, despite a rise in oil prices, as investors awaited key retail sales data due later this week.
"What I'm looking for is to see if this [rotation between sectors] continues," said Adam Sarhan, CEO of Sarhan Capital. "Every day there seems to be" a new sector leading the market.
The benchmark S&P 500 fell about 0.1 percent, led lower by health care. Energy, on the other hand, rose more than 1 percent. Earlier in the session, the S&P set a fresh all-time intraday high of 2,185.54.
"To some extent, people don't know what to make of the market," said Bruce McCain, chief investment strategist at Key Private Bank. "It's done exceptionally well" despite mixed data.
The Dow Jones industrial average ended approximately 15 points lower, with Merck contributing the most losses.
"I think people are keeping their powder dry for two reasons: we're getting more consumer-oriented companies reporting this week and we're getting retail sales data," said Kim Forrest, senior equity analyst at Fort Pitt Capital, adding that "it could be that nobody is at their trading desks."
"It doesn't feel like there's a lot of volume out there," she said.
The Nasdaq composite slipped 0.15 percent, as the iShares Nasdaq Biotechnology ETF (IBB) dropped 1 percent.
"I'm expecting a neutral, sideways week because earnings season is mostly over and we just hit all-time highs," said Randy Frederick, managing director of trading and derivatives at Charles Schwab, adding that the economic data calendar this week is a light one.
On Friday, U.S. equities surged, with the Dow jumping nearly 200 points and the S&P and the Nasdaq closing at record highs after a strong July jobs report was released.
"It's been a grind higher," said Art Hogan, chief market strategist at Wunderlich Securities. "We've gone [more than]17 days without a 1 percent move on the S&P and yet we're still at all-time highs."