At 09:35 ET (13:35 GMT), Dow Jones Industrial Average fell 16 points, or 0.1%, while S&P 500 rose 5 points, or 0.1%, and NASDAQ Composite rose 50 points, or 0.3%. 

More Fed cues, PMI data on tap this week 

The focus this week is squarely on more cues from the Federal Reserve on the future path of interest rates, with the minutes of the central bank’s late-April meeting due on Wednesday. 

Fed officials had kept rates steady at that meeting and warned that they needed more confidence that inflation was coming down. But Fed Chair Jerome Powell had also said that rates were eventually expected to come down in 2024. 

Several Fed officials are also set to speak this week, with particular focus on the members of the Fed’s rate-setting committee. 

The Fed cues come amid increased focus on the bank’s plans to cut interest rates, especially after slightly softer inflation readings for April pushed up hopes for a September rate cut. 

Beyond more cues on interest rates, markets were also awaiting purchasing managers index data for May, which is set to offer more cues on U.S. business activity. Any signs of cooling could factor into the outlook for interest rate cuts.

Wall St loses momentum after record highs 

Wall Street indexes made new highs last week, but they were seen running out of momentum amid uncertainty over just when the Fed could begin trimming rates.