US equity indexes traded mixed after midday on Monday as the Dow Jones Industrial Average lagged the S&P 500 and the Nasdaq Composite amid gains in technology and consumer discretionary sectors.

The S&P 500 rose 0.4% to 6,073.2, and the Nasdaq climbed 0.9% to 20,113.9. The Dow slipped less than 0.1% to 43,782.5. Energy stocks declined the most intraday.

While the S&P 500 Index's price/earnings ratio, a measure of valuation, is elevated by historical comparisons, it is "reasonable given the evolution of the index as well as our expectations for future earnings growth," according to a note from Wells Fargo Investment Institute.

"Stocks are not in a bubble, and investors should not let an above average P/E ratio keep them from participating in the continuation of the bull market we see in 2025." According to WFII, pullbacks of 5% to 10% are common and in such an instance, "we expect to find a buying opportunity."

The 10-year US Treasury yield was little changed at 4.40% intraday, the highest in about three weeks.

In company news, Nasdaq said Friday that MicroStrategy (MSTR) would be added to the Nasdaq-100 index ahead of trading on Dec. 23. The company, whose shares jumped 4% intraday, is the largest corporate holder of bitcoin and is considered by some investors a proxy for the cryptocurrency.

West Texas Intermediate crude oil futures fell 1.1% to $70.53 a barrel.