Declines in shares of energy companies pulled the Dow Jones Industrial Average lower Tuesday.
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The blue-chip index fell 37 points, or 0.2%, to 21044 shortly after the opening bell. The S&P 500 slipped 0.2% and the Nasdaq Composite edged down 0.1%.
Investors are feeling broadly optimistic after a positive first quarter for corporate earnings but are trying to gauge if strong economic data and low market volatility can last.
Since the start of 2017, funds have started moving more of their money into Europe and emerging markets, as data has shown the U.S. is no longer alone in powering global economic growth. Some money managers are concerned that a few sectors of the U.S. economy, such as the auto industry, are flashing warning lights after years of good performance.
"Clearly we are late in the economic cycle," said Ryan Detrick, senior market strategist for LPL Financial, adding, "we've got another year or two of good potential economic growth [in the U.S.]"
Data for U.S. consumer confidence and personal income and spending are due this week, as is the closely watched monthly jobs report.
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Technology shares in the S&P 500, the best-performing sector in the broad index this year, edged up 0.2% on Tuesday. Shares of Amazon.com climbed, breaching $1,000 for the first time before paring gains. The firm's shares have climbed 33% in 2017.
Energy shares fell with oil prices. Shares of energy companies in the S&P 500 lost 1%, while U.S. crude fell 1.3% to $49.13 a barrel.
Government bonds strengthened, with the yield on the 10-year U.S. Treasury note falling to 2.227% from 2.248% Friday. Yields fall as bond prices rise.
Elsewhere, the Stoxx Europe 600 fell 0.2%, led by declines in the shares of banks and insurance companies.
Earlier, Japan's Nikkei Stock Average closed broadly flat, having been down as much as 0.6% during the day, as the yen strengthened against the dollar. The South Korean Kospi fell 0.4% and Australia's S&P/ASX 200 gained 0.2%.
Markets in mainland China, Hong Kong and Taiwan remained shut for the Dragon Boat Festival.
--Akane Otani contributed to this article.
Write to Jon Sindreu at email@example.com
(END) Dow Jones Newswires
May 30, 2017 10:08 ET (14:08 GMT)