US stocks were mixed in early trading Monday evening, Beijing time, with the Dow Jones Industrial Average turning lower after setting a new all-time high. Market focus remains on the recent trend of sector rotation. The Federal Reserve is set to release the minutes from its June monetary policy meeting this week.

The Dow Jones Industrial Average fell 149.48 points, or 0.28%, to 52,750.59. The Nasdaq Composite rose 251.90 points, or 0.98%, to 26,084.57. The S&P 500 gained 32.89 points, or 0.44%, to 7,516.13.

During Monday's early session, the Dow reached an intraday record high of 53,052.70.

Technology stocks generally moved higher. The State Street Technology Select Sector SPDR Fund (XLK) rose over 1%, with shares of Western Digital Corp up 3% and Teradyne, Inc. surging 4%. Shares of Marvell Technology, Inc. and Oracle Corporation also rose more than 3% and over 2%, respectively.

US stocks performed strongly last week, with the Dow gaining nearly 2%, coming within a whisker of the 53,000 level it had never before touched. The S&P 500 and the Nasdaq Composite also posted significant gains last week, rising 1.8% and 2.1%, respectively.

Despite the overall market gains, the chip sector, a primary driver of this year's rally, showed weakness last week as investors reduced exposure to chipmakers and rotated into other sectors. The VanEck Semiconductor ETF (SMH) fell 3.2%, marking its second consecutive weekly decline.

Even with the rebound in tech shares, market attention is still centered on the ongoing sector rotation trend. The financial, healthcare, and industrial sectors all closed at weekly record highs last week, effectively offsetting consolidation pressure in the semiconductor space. Analysts note that investors are reassessing the high valuations of artificial intelligence-related stocks and gradually shifting funds to sectors with more attractive valuations and higher earnings visibility. Some analysts have drawn parallels between the current market conditions and historical bubble periods, suggesting that investor skepticism about tech stock valuations may persist.

Mark Newton, Head of Technical Strategy at Fundstrat, stated, "The broadening of the rotation is a big positive. Financials, healthcare, and industrials all closed at weekly record highs this week, which is enough to offset the semiconductors. While the semiconductor decline is a short-term headwind and is more beneficial for holding other sectors during its stabilization period, it has not damaged the overall index."

Newton expects the S&P 500 to reach 8,000 by mid-August. The benchmark index closed last week at 7,483.24, approximately 7% below the 8,000 level.

Another key event for markets this week is the release of the Federal Reserve's June meeting minutes. The meeting, the first chaired by new Chair Kevin Warsh, is scheduled for release on Wednesday. Investors will scrutinize the minutes for the latest assessment from policymakers on the inflationary impact of rising energy prices and for clues about any divergence of opinion among officials.

In individual stock news, South Korean chipmaker SK Hynix Inc. initiated its US listing process this week, planning to raise approximately $28 billion. This will serve as a key gauge for market interest in AI-related companies. SpaceX will be formally added to the Nasdaq 100 index on Tuesday, with its shares rising about 1.7% in pre-market trading.

In the commodities market, oil prices remained under pressure. Brent crude futures fell 0.5% to $71.76 per barrel, hovering near four-month lows, primarily due to OPEC+'s decision to increase production and the continued recovery of shipping traffic in the Strait of Hormuz.