NEW YORK — Stocks capped a wobbly day of trading on Wall Street with modest losses Monday, a shaky start to the week for the market after its first weekly gain in a month.

Losses in consumer goods makers, utilities and technology stocks helped outweigh gains in banks and real estate companies. A 2% drop in crude oil prices also hurt energy stocks.

Trading was choppy for much of the day after falling in the early going. The muted trading wiped out some of the gains from a rally on Friday, when investors welcomed signs of progress in the latest round of trade negotiations between the U.S. and China.

Washington and Beijing agreed to a truce, with the U.S. holding off on tariffs set to kick in this week and China agreeing to buy more farm goods. But the U.S. has yet to cancel plans for more tariffs in December and the nations still have several complicated issues to negotiate, which may have dimmed some of the optimism about a broader trade deal.

“We kind of peeled back the layers and said, ‘Hey, was this really a significant trade deal, or was it just a little bit of window dressing to make everybody feel like there was actually a trade deal?'” said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. “The market is digesting that.”

The S&P 500 index slipped 4.12 points, or 0.1%, to 2,966.15. The Dow Jones Industrial Average dropped 29.23 points, or 0.1%, to 26,787.36. The Nasdaq gave up 8.39 points, or 0.1%, to 8,048.65.

Small-company stocks did worse than the rest of the market. The Russell 2000 index lost 6.47 points, or 0.4%, to 1,505.43.

Bond markets and the U.S. government were closed for the Columbus Day holiday.

Stocks opened broadly lower Monday, but trading soon turned choppy, leaving the market veering between small gains and losses the rest of the day.

The modest pullback followed last week’s market rally, when investors applauded the progress made by the U.S. and China following two days of negotiations.

The U.S. agreed to suspend a planned hike in tariffs on $250 billion of Chinese goods that had been set to kick in Tuesday. Beijing, meanwhile, agreed to buy $40 billion to $50 billion in U.S. farm products.

The truce was a result of the 13th round of negotiations between the nations since the trade war began well over a year ago.

But the key sticking points of intellectual property and trade secrets still hang over the dispute. And the overall picture hasn’t changed for companies, which are still holding off on forecasts and investments because of the uncertain trade situation.

“There is not yet a viable path to existing tariffs declining and tariff escalation remains a meaningful risk,” Michael D. Zezas, a Morgan Stanley strategist, wrote in a note to clients. “Thus, we do not expect a meaningful rebound in corporate behavior that would drive global growth expectations higher.”

In a research note sizing up Friday’s partial trade deal announcement, J.P.Morgan analysts noted that while the talks have delivered a tentative truce between the two nations, the gap between that truce and peace “could be large, and U.S.-China tension could escalate again, especially into the election period.”