The Dow Jones Industrial Average traded 23 points lower, or 0.07%. The S&P 500 slipped by 0.1%, and the Nasdaq Composite added 0.05%.
The moves come as energy prices eased. West Texas Intermediate futures, the U.S. oil benchmark, fell more than 4.3%. Natural gas futures also dipped.
Wall Street is coming off a second-straight decline, with the Dow losing 184 points Monday. The S&P 500 fell 0.67% and the Nasdaq Composite sank 1.02%.
The market has given back some of its summer gains after recent comments by Federal Reserve officials made clear that the central bank aims to continue its rate hikes, even if they cause economic pain.
“Investors are coming to terms with the idea that the Fed is serious about curbing inflation, even as recent data suggests inflation is starting to decline,” said Rod von Lipsey, managing director at UBS Private Wealth Management.
“We believe the market’s summer rally was ephemeral and continue to recommend that investors remain selective and focus on defensive stock sectors like health care and dividend-paying stocks,” von Lipsey added.