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U.S. stocks gave up early gains to trade little changed Monday, with the S&P 500 and Nasdaq Composite hovering near all-time highs.

The Dow Jones Industrial Average lost two points to 18078 and the S&P 500 slipped three points, or 0.1%, to 2114,

The Nasdaq Composite lost 17 points, or 0.3%, to 5076. Both indexes were higher earlier in the session.

Recent strength in the tech sector had spilled over into the broader market, helping propel the S&P to a fresh record Friday. That petered out Monday after the open, said Larry Weiss, head of trading at Instinet. “There’s not too much going on,” he said. “We’re drifting off those levels on exhaustion.”

Gains in DuPont Co. and Apple Inc. helped keep the Dow near the flatline.

Influential proxy adviser Institutional Shareholder Services Inc. said DuPont Co. shareholders should elect Nelson Peltz and John Myers to the company’s board. They were two of the four nominees Mr. Peltz’s Trian Fund Management LP had put forward in the fight to shake up the chemical giant. DuPont shares rose 4.3%. Materials stocks in the S&P, a group that includes DuPont, advanced 1.2%.

Apple shares rose 2%. The tech company reports earnings after the bell.

The S&P and Nasdaq both closed at records Friday, marking the sixth for the S&P and the second for the Nasdaq this year. The Dow ended 1.1% below its record close on Friday.

Earnings will continue to stream in this week and several economic reports are scheduled for release, including the first reading on first-quarter U.S. economic growth, consumer spending for March and the Federal Reserve’s preferred inflation gauge. The Fed’s statement on monetary policy, due Wednesday, will also attract attention this week.

Upbeat technology earnings helped the Nasdaq surpass its 15-year-old record last week. Including results from 201 companies in the S&P 500, earnings are on track to decline 2.8% from a year earlier, according to FactSet. A decline in year-over-year earnings in the first quarter would be the first since the third quarter of 2012, when earnings fell 1%.

Going into the reporting season, analysts slashed forecasts as they expected the strong dollar and weak oil prices to weigh on profits and revenues. About 73% of companies have beat those lowered profit expectations, while just 47% of companies have topped revenue estimates, according to FactSet.

“There’s very little inflation and usually inflation helps with revenue growth” as people are less likely to postpone purchases in a high-inflation environment, said Sam Stovall, U.S. equity strategist at S&P Capital IQ.

“This bull market does have legs, but we’re getting a bit vulnerable to a correction,” said Mr. Stovall. “Because interest rates are so low, inflation is so low…there are not a lot of alternatives to equities.”

European stocks rose after Greece reshuffled its team for bailout negotiations. France’s CAC 40 gained 1.3% and Germany’s DAX rallied 1.9%. Time is running out for Greece and its creditors to reach a new bailout deal, with the loans Greece owes to the International Monetary Fund due in early May.

In other corporate news, Applied Materials Inc. and Tokyo Electron Ltd. said they would abandon their plan to merge, citing problems with the U.S. Department of Justice. The deal was unveiled in September 2013 and would have created a company with an estimated market value of $29 billion. Shares of Applied Materials fell 7.1%.

Mylan NV’s board rejected Teva Pharmaceutical Industries Ltd.’s unsolicited bid . Mylan shares fell 5.3% and those of Teva slipped 3.1%.

In commodity markets, gold futures rose 2.4% to $1203.50 an ounce. Crude-oil futures added 0.2% to $57.29 a barrel. Treasury prices fell, pushing the 10-year yield up to 1.932% from 1.917% on Friday.