The S&P 500 closed 0.2% lower, the Nasdaq 100 lost 0.3%, and the Dow 0.4% on Monday after reaching record highs on Friday as concerns of exaggerated valuations for companies in the AI space triggered some fresh losses for tech heavyweights. Nvidia and Tesla set the pace after dropping 1.2% and 3.3%, respectively, while Oracle (-1.3%) and Palantir (-2.4%) also underperformed as markets continued to question whether heavy AI related capital spending by software and data center companies will translate into the returns that have been promised. Commodity linked stocks remained volatile, with Freeport McMoRan under pressure as silver and copper retreated from recent record highs, weighing on miners more broadly. In contrast, energy stocks outperformed, with ExxonMobil (+1.2%) and Chevron (+0.7%) rising as oil prices climbed more than 2% following the US blockade of Venezuelan tankers.