Stock indexes didn’t do much at first glance on Monday, but the modest move for the Standard & Poor’s 500 masked some dramatic changes roiling underneath the surface.

Telecom stocks, banks and other areas of the market that stand to benefit the most from Washington’s drive to cut corporate tax rates jumped. At the same time, technology stocks slumped and gave up a chunk of the gains that have made them the best-performing part of the market by far this year.

On Monday:

The Standard & Poor’s 500 index dipped 2.78 points, or 0.1 percent, to 2,639.44.

The Dow Jones industrial average rose 58.46, or 0.2 percent, to 24,290.05.

The Nasdaq composite fell 72.22, or 1.1 percent, to 6,775.37.

The Russell 2000 index of smaller-company stocks gave up 4.61 points, or 0.3 percent, to 1,532.41.

For the year:

The S&P 500 is up 400.61 points, or 17.9 percent.

The Dow is up 4,527.45 points, or 22.9 percent.

The Nasdaq is up 1,392.25 points, or 25.9 percent.

The Russell 2000 is up 175.28 points, or 12.9 percent.