The S&P 500 spent most of the day in the red and was down as much as 1.3%. It ultimately eked out a gain, rising 8.48 points, or 0.1%, to close at 6,728.80. The Dow Jones industrial average made a similar reversal and rose 74.80 points, or 0.2%, to close at 46,987.10.

The market was weighed down by technology stocks, especially several big names with huge valuations that give them outsized influence over the direction of the market.