U.S. equities closed mixed on Monday, with utilities lagging, while investors turned their eyes to comments from several Federal Reserve officials.
The Nasdaq composite hit a fresh all-time intraday high in midmorning trade before closing just about flat, as Apple also reached a record high.
"We're still expensive and that's going to keep the market from drudging higher," said Jeremy Klein, chief market strategist at FBN Securities. He also said investors were also positioning themselves for the upcoming earnings season.
The Dow Jones industrial average slipped about 10 points, with Home Depot and Goldman Sachs contributing the most losses.
"I think a lot of people are just on hold and sort of waiting to go in either direction," said Robert Pavlik, chief market strategist at Boston Private Wealth. "The market is just waiting for its next catalyst; there hasn't been one in the past few weeks."
The S&P 500 fell 0.2 percent, with financials falling 0.89 percent to lead decliners. The three major indexes traded higher earlier in the session.
"Investors want to know what the Fed has to say about the next rate hike," said Adam Sarhan, CEO of 50 Park Investments. "That's going to be the headline this week."
The U.S. central bank raised interest rates for the second time in three months last week, but the "dot plot" that shows each member's expectations for where rates will be in coming years changed little from the last meeting.
Chicago Fed President Charles Evans said the central bank will wait until June to decide on the next rate hike.