The S&P 500 and Nasdaq eked out modest gains in muted trading on Monday, as investors took a breather on top of an eventful week with earnings, economic data, a US Federal Reserve rate decision and Middle East tensions flowing in.

All three major US stock indexes wobbled throughout the session, showing little conviction in either direction after last week’s rally sent the S&P 500 and Nasdaq to a series of record closing highs.

The S&P 500 opened the session up 100% since the bull market began in October 2022.

“The market is trying to deal with the bullishness that’s going on and digest the latest all-time high we’ve made on the indices,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “And he’s trying to figure out if that all-time high is justified.”

First quarter earnings season is in full swing, with a host of high-profile companies this week, including five of the Magnificent Seven technology megacaps, Amazon, Alphabet, Meta Platform, Apple and Microsoft. Investors will be assessing the extent to which these companies are beginning to reap the benefits of big spending on artificial intelligence.

As of Friday, 139 companies in the S&P 500 had posted first-quarter results. Of these, 81% have beaten estimates. According to LSEG I/B/E/S, analysts now see S&P 500 total income growth of 16.1% year over year, up from 14.4% on April 1.

Companies reporting this week account for roughly 44% of the S&P 500’s market capitalization, according to Raymond James.

“The guidance has been very good. We are looking at 15% earnings growth, and I would classify it as a very good environment, except that there have been a lot of bumps in the road,” Pavlik added, referring to geopolitical tensions in the Middle East.

Efforts to revive peace talks between the US and Iran continue following President Donald Trump’s decision to cancel negotiators’ visit to Islamabad for a second round of face-to-face talks. As Iran continues to restrict shipments through the Strait of Hormuz, Iranian officials have demanded that Washington lift its blockade as a precondition for further talks.

On Tuesday, the Federal Reserve is scheduled to convene for its two-day policy meeting, which is widely expected to result in a decision to keep interest rates unchanged. The accompanying statement and Fed Chair Jerome Powell’s press conference will be scrutinized for signs of the central bank’s assessment of US economic health and the inflationary impact of rising energy prices as a result of the US-Israeli war on Iran.

According to early data, the S&P 500 rose 8.93 points, or 0.12%, to close at 7,174.01, while the Nasdaq Composite rose 49.78 points, or 0.20%, to 24,886.38. The Dow Jones Industrial Average was down 57.82 points, or 0.12%, at 49,172.89.

Verizon Telecom advanced following the company’s annual forecast increase as stronger-than-expected subscriber additions.

Domino’s Pizza fell after the pizza chain missed first-quarter sales estimates.

Nvidia extended the previous session’s 4.3% jump. The company has reclaimed a market valuation of more than $5 trillion.