Shares of technology companies ticked down as controversy about valuations lingered.
One strategist said the earnings season was the proof in the pudding for the tech sector.
"During this earnings season, those big mega tech companies performed, they confirmed why investors are interested even with valuations high," said Quincy Krosby, chief market strategist at Prudential Financial.
"The fact is we live in an increasingly digital world."
Tesla shares rose after analysts at Bank of America Securities and Morgan Stanley upgraded their ratings on the electric-car maker, which recently posted its fourth straight quarterly profit.
Apple and Google yanked "Fortnite," one of the world's most popular videogames, from their app stores in an escalating battle over the fees they charge developers to distribute their software and process in-app purchases.
DraftKings posted a steeper-than-expected loss for the recent quarter, and shares fell 7%, as the hiatus in sports events weighed on activity on the sports-betting Web site.
The Trump administration has proposed a spending increase of about 30% in the 2021 nondefense budget for artificial intelligence and quantum information science.
Canada's antitrust watchdog said it has launched a civil investigation into Amazon.com, and whether it is abusing its dominant position in the retail sector, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
