(CNBC) -- U.S. equities traded mixed on Monday, holding near record levels, while shares of Apple declined on a rare downgrade.
The S&P 500 slipped 0.06 percent, with materials lagging. The Dow Jones industrial average fell 8 points, with Apple contributing the most losses. The Nasdaq composite traded 0.1 percent lower after reaching an all-time intraday high.
Rob Lutts, chief investment officer at Cabot Wealth Management, said two key element supporting this market are the relative value of stocks versus other alternatives, like bonds, and strong earnings growth.
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"Clearly the market is more expensive compared to a few years ago, but earnings have justified those valuations," he said.