Oil futures settled up more than $2 per barrel as investor pessimism about diplomatic efforts to resolve the Iran war fanned global supply worries. The gain in oil provided support for the energy index.
Investors, with July's weak retail sales and jobs data fresh in their minds, were cautious as they waited for quarterly results from retailers. Home improvement company Home Depot is due to report on Tuesday, and retail bellwether Walmart on Thursday.
"Concerns about recent softer data have the market being a bit tepid and waiting for retail earnings for direction," said Phil Blancato, chief market strategist at Osaic Wealth, who added that volume is often weak in August, when many traders take vacations. "There's a combination of summer doldrums and waiting for data on the consumer."
According to preliminary data, the S&P 500 lost 39.55 points, or 0.51%, to end at 7,746.21 points, while the Nasdaq Composite lost 76.87 points, or 0.31%, to 26,652.29. The Dow Jones Industrial Average fell 263.21 points, or 0.49%, to 53,469.20.
Most of the benchmark S&P 500's 11 major industry sectors lost ground on the day with communications services, consumer staples and consumer discretionary among the weakest.
Investors are also waiting for results, due out next week, from leading AI chipmaker Nvidia, the world's most valuable company.
In individual movers, U.S.-listed shares of Vista gained ground after Peter Thiel bought a 1% stake in the Latin American oil company.
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