All three of the major U.S. stock indexes registered record closing highs for a third straight session Monday, as shares of Nvidia rose after it said it will invest up to $100 billion in OpenAI.

Also boosting indexes, shares of Apple rose after Wedbush raised the stock's target price on strong demand signs for the iPhone 17.

Some Fed officials made remarks doubting the need for further rate cuts. Last week, the U.S. central bank cut rates by 25 basis points and indicated more cuts would come at its upcoming meetings.

Both St. Louis Fed President Alberto Musalem and Atlanta Fed President Raphael Bostic, in separate remarks, said that while the Fed's quarter of a percentage point rate cut at last week's meeting was appropriate as a way to manage the risk of rising unemployment, lowering inflation remains the priority.

However, Fed Governor Stephen Miran, who last week dissented when the Fed cut the benchmark rate by a quarter of a percentage point and said a half-point cut was warranted, said on Monday that monetary policy "is well into restrictive territory."

"There needs to be a catalyst for stocks to move materially higher, and markets appear to be kind of ignoring potential headwinds," said Oliver Pursche, senior vice president and advisor for Wealthspire Advisors in Westport, Connecticut.

"We're not making any calls that are broad-based or trying to time the market, but we're certainly pointing out to clients and having portfolios reflect that we're at all-time highs and valuations are getting stretched," he said.

According to preliminary data, the S&P 500 gained 29.58 points, or 0.44%, to end at 6,693.96 points, while the Nasdaq Composite gained 156.04 points, or 0.69%, to 22,786.71. The Dow Jones Industrial Average rose 70.65 points, or 0.15%, to 46,385.92.

Also worrying some investors were U.S. President Donald Trump's new visa fees for foreign workers, which drew widespread condemnation from technology executives and others across social media.

Shares of Kenvue fell. Trump was expected to give a Monday afternoon announcement linking the use of Kenvue's pain medication, Tylenol, to the development of autism during pregnancy, a claim which many doctors dispute.