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Stocks end slightly below latest record highs as tech slips

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

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Technology 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.

Traders are showing cautious optimism about the economic recovery, especially in the U.S., where vaccine distribution has been ramping up and President Biden has advanced the deadline for states to make doses available to all adults to April 19. 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 regulatory concerns.

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