NEW YORK (AP) — U.S. stock indexes were split on Monday as gains for oil-and-gas producers helped offset drops for Nvidia and other Big Tech companies.

The S&P 500 rose 0.2% after erasing an earlier fall of 0.9%. The Dow Jones Industrial Average climbed 358 points, or 0.9%, while the weakness for Big Tech stocks dragged the Nasdaq composite to a loss of 0.4%.

Stocks have been under pressure the last month, and the S&P 500 is coming off its fourth losing week in the last five as traders cull expectations for how much relief the Federal Reserve may deliver this year through lower interest rates.

Such cuts would give the economy a boost, and the U.S. stock market ran to repeated records last year on the assumption that more are coming after the Fed began lowering rates in September. But inflation has remained above the Fed’s 2% target, and recent reports have suggested a still-solid U.S. economy doesn’t need much help. Questions are growing about whether the Fed will deliver even a single cut in 2025.

High rates put downward pressure on prices for all kinds of investments, and those seen as expensive can feel the stiffest punches. Nvidia fell 2% and was the heaviest weight on the S&P 500, though that represents just a smidgen of its huge gains made in recent years. The chip company’s stock had nearly quintupled over the last three years amid the frenzy around artificial-intelligence technology.

Apple’s 1% slip and Meta Platforms’ fall of 1.2% were also among the heaviest weights on the market. Because they’re two of the largest companies on Wall Street, their moves pack more punch on the S&P 500 than other stocks.

Moderna tumbled 16.8% for the largest loss in the S&P 500 after giving a forecast for revenue this upcoming year that fell short of analysts’ expectations. The vaccine maker, which is seeing a slowdown in COVID-related sales, is accelerating a cost-cutting program.

Macy’s fell 8.1% after saying it will likely report revenue for the last three months of 2024 that’s at or slightly below the low end of the forecasted range it had earlier given. It’s a potentially discouraging signal about spending during the holiday season after strong spending by U.S. households has helped keep the economy out of a recession.

Edison International fell another 11.9% as wildfires continue to burn in the territory of its Southern California Edison utility. The utility has said fire agencies are investigating whether its equipment was involved in the ignition of the Hurst fire.

On the winning side of Wall Street were oil-and-gas companies after the price of oil climbed. A barrel of benchmark U.S. crude rose 2.9% to $78.82, while Brent crude climbed 1.6% to $81.01. The Biden administration said Friday it’s expanding sanctions against Russia’s energy industry.

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