The Nasdaq composite climbed to a record high on Monday, powered by a rise in Amazon and Apple shares.
The tech-heavy index rose 0.2 percent. Amazon and Apple advanced 0.9 percent and 2.2 percent, respectively, to reach new all-time highs.
The Nasdaq was coming off of strong gains from the previous session; it rose 2.2 percent on Friday, marking its biggest one-day gain since 2016. The index was boosted by better-than-expected quarterly results from big tech companies, including Amazon.
Apple is scheduled to report Thursday after the close.
The S&P 500, meanwhile, fell 0.1 percent, with consumer staples leading eight sectors lower. AMD was the worst-performing stock in the index sliding 5.1 percent.
Shares of Advanced Micro Devices fell after Morgan Stanley analysts warn demand for cryptocurrency mining chips will be cut in half.
"We expect cryptocurrency to gradually fade from here, consoles to decline, and graphics to be flattish," analyst Joseph Moore said in a note.
General Motors was also among the worst performers in the S&P 500, pulling back 2.7 percent after Goldman Sachs downgraded the stock to sell, noting it sees a 28 percent downside over the next 12 months for the stock.
"Our work on pickup trucks and crossovers suggest that GM likely experiences volume and mix headwinds that exacerbate the cyclical profit headwinds," Goldman analyst David Tamberrino said in a note Monday.
Shares of GM have handily outperformed the broader market, rising 28.1 percent year to date. AMD shares, meanwhile, have lagged the S&P 500 in 2017, having gained 4.4 percent. The S&P 500 is up 15.3 percent in 2017.
The Dow Jones industrial average traded 22 points lower, with Merck falling 4.8 percent to lead decliners.
A slew of corporate deals were also announced on Monday. Lennar said it was buying CalAtlantic for $9.3 billion, creating the largest U.S. homebuilder. Lennar's stock dropped 2.7 percent while CalAtlantic shares gained 22 percent.
For-profit colleges Strayer and Capella also agreed to merge in a stock-swap deal. Strayer shares gained 7.3 percent while Capella's stock rose nearly 30 percent.
Stocks were coming off a record-setting session, with the S&P 500 surging to an all-time high Friday on the back of strong earnings. Last week also marked the busiest week of the current earnings season.
Wall Street will have its hands full with earnings again this week, with Apple, Starbucks, Qualcomm and Tesla, among others, set to report.
More than half of the S&P 500 has reported as of Friday, with 76 percent of those companies beating estimates on the bottom line while 67 percent have topped sales expectations, according to FactSet.
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