The Dow finished up one tenth of one percent while the S&P 500 dropped six tenths and the tech-heavy Nasdaq fell 1.6%

The lackluster session follows a year where Wall Street's three major indexes notched double-digit gains on the back of optimism around artificial intelligence and stabilizing inflation.

The S&P 500 ended last week within 1% of a record closing high reached in early 2022.

Apple was cut to underweight by Barclays which cited weakening iPhone demand.

The stock lost nearly four percent.

Other megacap stocks including Nvidia NVDA.O, Meta Platforms and Microsoft, also declined.

Though GLOBALT Investments Senior Portfolio Manager Thomas Martin said he doesn't think this is the sign of trouble for the sector.

"You've had this, this really huge difference in the performance of growth in tech versus a lot of other aspects of the market. Part of that is in fact justified or well justified by the difference in the earnings. This growth that we've experienced and what we expect going forward and these companies don't outperform for no reason, it's not just because you know they're meme stocks, they're not, they have very good businesses, very good end markets, huge depth, lots of users, et cetera. And and that that competitive advantage is unlikely to change."

Other stocks on the move included Boeing which lost three percent after Goldman Sachs dropped the aerospace firm from its conviction list.

And Citigroup which rose three percent after a Wells Fargo analyst raised his price target on the shares and called the bank his top pick among large banks in 2024.