The S&P 500 remained little changed in afternoon trading, hovering near record highs, while the Dow Jones and Nasdaq each declined more than 0.3%.
Investors assessed the possibility of an end to the Ukraine war following the first top-level negotiations between the US and Russia since the 2022 invasion.
Weakness in consumer discretionary and communication services, including a 3.7% drop in Meta Platforms and a 2% decline in Amazon, pressured the broader market.
In contrast, energy stocks outperformed, with Halliburton rising 2.9% and Valero Energy gaining 2.6%.
Meanwhile, market participants closely monitored policy developments from the Fed and the White House, particularly regarding tariffs and interest rates.
Treasury yields climbed, with the benchmark 10-year yield reaching 4.54%, as traders sought clarity on the Fed’s rate trajectory.
Earnings season also remained in focus, with upcoming reports from Baidu and Alibaba adding to uncertainty over the global economic outlook.
