Tech, energy drag stocks down from record highs

U.S. stock indexes gave up some of their recent gains Monday, pulling the Standard & Poor’s 500 index slightly below the record high it hit last week.

Technology, communication and energy stocks weighed on the market, offsetting gains by a broad mix of companies, including banks and those that rely directly on consumer spending, such as Nike and Chipotle Mexican Grill.

Bond yields inched higher after easing most of last week. Investors have been focusing on the economic recovery as well as the risks higher inflation pose to consumers and companies. Those concerns have helped push up bond yields for much of this year.

Monday’s pullback snapped a three-day winning streak for the benchmark S&P 500, which closed out last week with its third straight weekly gain.

The S&P 500 slipped 0.81 point, or less than 0.1%, to 4,127.99. The Dow Jones industrial average fell 55.20 points, or 0.2%, to 33,745.40. The tech-heavy Nasdaq composite lost 50.19 points, or 0.4%, to 13,850.

Small-company stocks, which have been outgaining the broader market this year, also fell. The Russell 2000 index of smaller companies gave up 9.69 points, or 0.4%, to close at 2,233.78.

Tech stocks were the biggest drag on the market. Apple fell 1.3%, and Google’s parent company slid 1.1%.

The sector has been choppy as investors shift money to other industries that could see solid gains as the economy recovers. Rising bond yields have also made technology stock values look pricey after months of big gains.

The yield on the 10-year U.S. Treasury note inched up to 1.67%.

Nuance Communications soared 15.9% after

Microsoft said it would buy the speech technology company for about $16 billion.

Alibaba’s U.S.-listed shares jumped 9.3% after the

Chinese conglomerate said it would restructure its Ant Group financial affiliate to placate Chinese government regulators.