NEW YORK (AP) — U.S. stocks drifted to a mixed close near their record heights.

The S&P 500 ended little changed Monday and is less than 1% below its record set at the end of March. The Dow Jones Industrial Average slipped 0.2%, and the Nasdaq composite edged up 0.3%.

Stocks have rallied this month on revived hopes that inflation may ease enough to convince the Federal Reserve to cut its main interest rate later this year. A key test will arrive Wednesday, when the government offers an update on inflation.

GameStop and other meme stocks soared. Treasury yields eased in the bond market.