The Dow Jones Industrial Average fell 119.68 points, or 0.38%, to 31,493.34, the S&P 500 lost 17.36 points, or 0.44%, to 3,913.97 and the Nasdaq Composite dropped 100.14 points, or 0.72%, to 13,865.36.
Technology shares led losses on the S&P 500 and Nasdaq. Apple Inc, PayPal Holdings Inc and Nvidia Corp weighed most on both indexes. The S&P 500 tech index ended 1% lower.
Stocks shrugged off remarks by Federal Reserve Chairman Jerome Powell, who reassured investors that interest rates will remain low for some time to spur the economy and jobs growth, but provided no new insights on monetary policy.
The tech-heavy Nasdaq hit an all-time high for the fifth consecutive session on early gains in Apple Inc, Amazon.com Inc and Google-parent Alphabet Inc, which later turned lower amid a shift in portfolio allocations.