By Sruthi Shankar
"The market was probably a little bit overbought, it was a big week for stocks in terms of strength and breadth, it's more of a pause," said John Brady, senior vice president at futures brokerage R. J. O'Brien & Associates in Chicago.
"The weakness might be there for a day or two, with some rotationary balancing, it won't take out much."
At 11:01 a.m. ET (1601 GMT), the S&P 500 was down 2.14 points, or 0.08 percent, at 2,741.01.
Both the indexes eked out new record highs briefly after open.
Investors are awaiting the fourth-quarter earnings reports to gauge the impact of recent tax cuts. The earnings season kicks off later this week, starting with big banks.
Shares of Bank of America, Goldman Sachs and Wells Fargo were down between 0.6 percent and 0.9 percent. Most big U. S. lenders have estimated one-off charges to their fourth quarter earnings on account of tax cuts.
GoPro shares hit record low after the company said it expected lower fourth-quarter revenue and would exit the drone business.
Declining issues outnumbered advancers on the NYSE by 1,557 to 1,211. On the Nasdaq, 1,760 issues fell and 1,044 advanced.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)