The Dow Jones Industrial Average and the S&P 500 slipped Monday after closing near record levels last week.

The Dow lost 126.15 points, or 0.4%, to close at 34630.24. The blue-chip index briefly advanced into record territory in morning trading before turning lower.

The S&P 500 dropped 3.37, or less than 0.1%, to 4226.52, after the index reached its second-highest close in history on Friday. The technology-heavy Nasdaq Composite rose 67.23, or 0.5%, to 13881.72.

U.S. stock indexes have been mostly muted in recent trading sessions, with investors assessing a range of factors including the economic outlook, supply-chain problems and high valuations for stocks. While inflation expectations have eased in recent days, investors remain on edge for signs that Federal Reserve officials may consider pulling back on easy-money policies that have supported a monthslong rally in equities.

“It almost feels like the market is going to be at a standstill until we get a better clarity on inflation and the growth outlook,” said Seema Shah, chief strategist at Principal Global Advisors. “The market hasn’t got any major driver to push it significantly higher.”