Wall Street touched fresh records earlier in the day before giving up gains as investors await clues from the US Federal Reserve on its plans for maintaining stimulus measures.
The minutes from the latest Fed's policy committee meeting are due on Wednesday, the same day that Fed Chairman Ben Bernanke will be giving testimony to Congress.
In late afternoon trading in New York, the Dow Jones Industrial Average was down 0.12 per cent, as was the Nasdaq Composite Index. The Standard & Poor's 500 Index edged 0.02 per cent lower.
Earlier in the day, both the Dow and the S&P 500 had touched record highs, of 15,391.84 and 1,672.84 respectively.
"This move in the market has defied all the sceptics," E William Stone, chief investment strategist at PNC Wealth Management in Philadelphia, told Bloomberg News. "While all of us know where there will be some pullback at some point, it's hard to be the person to bet that tomorrow will be the case."