01:32 PM EST, 11/11/2024 (MT Newswires) -- US equity indexes traded mixed in midday trading Monday while crude oil and gold sank amid continued dollar gains.

The S&P 500 was little changed at 5,993.4 after hitting 6,017.3 earlier in the session, a new intraday record high. The Dow Jones Industrial Average climbed 0.7% to 44,283.7, also touching a new all-time peak of 44,486.70. The Nasdaq Composite fell 0.3% to 19,230.8. Consumer discretionary and financial services were among the top gainers, while technology led the decliners intraday.

Half of the top 10 companies with a market capitalization of more than $200 billion that led the gainers on Monday were from the financial services sector, reflecting the incoming Trump administration's penchant for deregulation. Elon Musk's Tesla (TSLA) surged 7% intraday, extending gains as the electric vehicle manufacturer's investors will likely benefit under the Trump presidency.

West Texas Intermediate crude oil sank 3.2% to $68.10 a barrel.

China reported on the weekend its inflation rate rose at the slowest pace in four months in October while producer prices deflated. The data raised further concern over the health of the No.1 oil importer's economy and the effectiveness of its current stimulus measures, including a US$1.4-trillion package announced last week.

"The Chinese stimulus package unveiled on Friday will not stimulate consumer confidence and spending since it focuses on easing the debt burden of local governments," PVM Oil Associates said in a note. "Consumer prices rose at their slowest pace last month. The latest support measures will not revive the country's oil demand growth or crude oil imports."

Gold plunged 2.8% to $2,620.71 an ounce, and silver slumped 2.5% to $30.66 an ounce.

The drop comes as the dollar rose to the highest level since July, with the US dollar index last seen up 0.5% to 105.52, its highest since early July. The currency's rally began after Republican presidential nominee Donald Trump defeated Vice President Kamala Harris in the Nov. 5 election and continued after a second cut to US interest rates on Thursday.

Treasury markets were closed on Monday due to the Veterans Day holiday.

In company news, AbbVie ( ABBV ) shares slumped past 12% intraday, among the worst performers on the S&P 500, after the company said its two phase 2 trials assessing emraclidine in adult patients with schizophrenia and acute exacerbation of psychotic symptoms failed to meet their primary goal.

Cigna Group ( CI ) said Monday it is not pursuing a combination with Humana (HUM) and that it expects to communicate that to investors and analysts in meetings over the next several weeks. Shares of Cigna ( CI ) jumped 7.9% intraday, among the top performers on the S&P 500.