Wall Street eased as investors eyed fresh clues on US monetary policy amid concern about the Trump administration's ability to move ahead with policy reforms notably corporate tax cuts.
"Investors are reluctant to get too far out on their skis in terms of buying stocks," Rick Meckler, president of hedge fund LibertyView Capital Management in Jersey City, New Jersey, told Reuters.
"Rallies are not extending the way they had when people had more confidence that the Trump agenda, particularly tax cuts, would be passed."
In 12.30pm trading in New York, the Dow Jones Industrial Average inched 0.04 per cent lower, while the Nasdaq Composite Index fell 0.3 per cent. In 12.15pm trading, the Standard & Poor's 500 Index declined 0.2 per cent.
"Political uncertainties remain ongoing, valuations are full and, technically, there is some signs of deterioration (in the stock market)," Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis, told Reuters.