Stocks were mostly higher Monday at the start of the first full week of 2025, as investors eyed technology innovations and a report circulated that the incoming presidential administration might scale back tariff plans.

The broad S&P 500 index rose 0.6% to close at 5,975, while the tech-heavy Nasdaq Composite index jumped 243 points, 1.2%, to end the day at 19,865. The Dow Jones Industrial Average reversed earlier gains to close down by 26 points at 42,707.

"Interest rate worries have not gone away but investors are instead choosing to focus on the consumer electronics show and the promise of AI innovation and I think that's what’s captured investor attention today," said Jack Ablin, chief investment officer and founding partner of Cresset, which has $60 billion in assets under management.

Investors are watching big tech names at CES, the annual consumer electronics show in Las Vegas, including chipmaker NVIDIA. The company's CEO, Jensen Huang, will deliver a keynote speech Monday night. NVIDIA shares closed nearly 3.5% higher after being up as much as 5% midday.

Tech stocks also got a tailwind from a report from electronics maker Foxconn , which said December revenues were at a record thanks to demand for artificial intelligence technologies.

But yields moved higher as investors sold bonds. The 30-year U.S. Treasury bond touched its highest since at least November 2023, while the 10-year added two basis points to 4.62. Bond investors remain worried about higher inflation, Ablin told USA TODAY.

"A lot of investors are looking back over the last four years and expecting inflation will trend back to those levels and the problem is all of the levers of globalization are in reverse," he said.

Meanwhile, the Washington Post reported Monday that President-elect Donald Trump and his transition team are considering a more limited plan for tariffs than investors may have been expecting. Trump’s team disavowed the report, but some media reports quoted analysts who continue to expect some of the hardline rhetoric to be toned down.

More: Economy poised for a solid year in 2025. But these Trump plans could slow growth.

Reports that a top Federal Reserve bank regulator will step down before Trump's inauguration may have helped boost bank stocks. The Invesco KBW Bank ETF closed about 0.8% higher after being up as much as 2% midday. Michael Barr, who helped implement tough new bank regulations, drew criticism from Republicans, including Sen. Tim Scott, of South Carolina, who said Monday that Barr had "failed to meet the responsibilities of his position."