The market’s pullback, with the S&P 500 fresh off its 67th all-time high this year, comes as investors look ahead to the Federal Reserve’s latest economic and interest rate policy update on Wednesday.
Stocks have been mostly pushing higher, despite a volatile stretch in late November as worries about the rise of the omicron variant of the coronavirus initially roiled markets.
More than 60% of the stocks in the S&P 500 fell, with technology stocks, banks and a mix of companies that rely on consumer spending weighing the index down most.
Wall Street will get an inflation update on Tuesday when the Labor Department releases its Producer Price Index for November, which shows how inflation is impacting costs for businesses.