At 9:59 a.m. ET, the Dow Jones Industrial Average .DJI rose 186.23 points, or 0.35%, to 52,831.59, the S&P 500 .SPX lost 12.56 points, or 0.17%, to 7,562.31 and the Nasdaq Composite .IXIC lost 213.76 points, or 0.82%, to 26,067.85.
The blue-chip Dow .DJI fared better, with gains in IBM IBM.N and UnitedHealth UNH.N helping the index stay afloat.
The moves came ahead of a busy week of economic data and corporate earnings that could test the resilience of the U.S. equity rally and the health of corporate America.
The benchmark S&P 500 posted a second straight weekly gain last week, despite volatility in semiconductor shares and renewed U.S.-Iran tensions that put inflation risks back in focus.
Major Wall Street banks will kick off the second-quarter earnings season this week.
S&P 500 earnings are expected to rise 23.7% in the second quarter from a year earlier, according to LSEG I/B/E/S.
"Consumers are showing remarkable resilience and I would expect that bank earnings will probably do fairly well, given the current consumer environment," said Peter Andersen, founder of Andersen Capital Management.
Investors will also parse several key economic reports, starting off with Tuesday's U.S. consumer price index, an inflation reading that could reset expectations for the path of interest rates.
On Tuesday, Fed Chair Kevin Warsh is expected to deliver his first monetary policy testimony before Congress. Fed Governor Christopher Waller is scheduled to speak later on Monday on the economic outlook.
Markets are pricing in at least one 25-basis-point rate hike by year-end, according to LSEG data.
Advancing issues outnumbered decliners by a 1.26-to-1 ratio on the NYSE and by a 1.36-to-1 ratio on the Nasdaq.
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