Equities on both sides of the Atlantic fell overnight as investors reassessed whether the outlook for economic growth warrants valuations near record highs.
Investors are also repositioning for the two-day Federal Open Market Committee meeting, scheduled to start on June 14.
Wall Street slid. In 2.48pm New York trading, the Dow Jones Industrial Average inched 0.09 percent lower. In 2.33pm New York trading, the Standard & Poor's 500 Index slid 0.26 percent. In 2.48pm trading, the Nasdaq Composite Index fell 0.27 percent.
"With the market being priced where it's at, there's not a lot of room for air," said Jim Davis, regional investment manager at the Private Client Reserve of US Bank, told Bloomberg. "I would not be surprised to see it back off a little more in the next week. The market has to navigate some choppy waters between now and mid-July, with the Fed next week and the Brexit vote the following."
The Dow fell as declines in shares of Caterpillar and those of American Express, down 1.1 percent and 0.9 percent respectively, outweighed advances in shares of Nike and those of Johnson & Johnson, last trading 1.3 percent and 1 percent higher respectively.