The Dow Jones Industrial Average and the S&P 500 fell for the first time in three sessions on Monday as investors continued to weigh the coronavirus outlook while bracing for the start of the corporate earnings season.

The 30-stock Dow closed 328.60 points lower, or 1.4%, at 23,390.77. The S&P 500 dipped 1% to 2,761.63.

Caterpillar was the worst-performing stock in the Dow, falling more than 8%. The stock was pushed lower by a downgrade from a Bank of America analyst. Financials and real estate led the S&P 500 lower, with both sectors falling more than 3.5%.

But the tech-heavy Nasdaq Composite bucked the broader market's negative trend, rising 0.5% to 8,192.42 as Netflix jumped 7% to a 52-week high while Amazon advanced 6.2%. Intel rose 2.7% while Advanced Micro Devices climbed more than 5%.

Monday's moves came after the market had one of its biggest weekly gains ever last week. The Dow posted its seventh-best weekly performance, rallying 12.7%. The S&P 500 had its biggest one-week gain since 1974, jumping 12.1%.

"The market is digesting some very savory returns," said Sam Stovall, chief investment strategist at CFRA Research. "We were up 25% from trough to the most recent peak."

"While some people might say we're at the beginning of a new bull market, I think we have to take a wait-and-see attitude," Stovall said.

Wall Street's strong weekly gains came in large part because of an apparent improvement in the U.S. coronavirus outlook along with massive stimulus from the Federal Reserve.