Oil gains and chip stock losses keep Wall Street flat ahead of Tuesday session

US stock markets ended Monday's session largely unchanged, as rising oil prices offset early gains and a pullback in memory chip stocks added to a cautious mood on Wall Street.

The S&P 500 closed near flat, reflecting a tug-of-war between sectors as investors weighed higher energy costs against the broader health of the market. Oil prices climbed during the session, a move that typically weighs on consumer-facing and transport-heavy companies by raising their input costs.

Memory chip makers were among the session's notable laggards, giving back some recent gains as investors reassessed valuations in the semiconductor space. The pullback followed a stretch of strong performance for chip stocks tied to demand from data centers and artificial intelligence infrastructure.

Energy and technology stocks are closely watched by traders because of their outsized weight in major indexes, meaning swings in either sector can move headline market gauges even when the broader index finishes close to unchanged.

What to watch Tuesday

Attention now turns to Tuesday's trading session, with investors looking for fresh catalysts. CNBC's Tuesday coverage is set to include an appearance from Dell Technologies founder and chief executive Michael Dell, whose comments could offer insight into corporate technology spending and the broader hardware market.

Market participants often treat a near-flat close as a sign of indecision, with investors digesting recent gains before committing to a new direction. Tuesday's session will offer an early test of whether Monday's cautious tone carries over or whether buyers step back in.