The Dow Jones industrial average fell 31.44 to 5,689.82. It recovered slightly from a 48-point deficit earlier in the afternoon.
Decliners outnumbered advancers by a 7-to-6 margin on the New York Stock Exchange, with 1,073 up, 1,260 down and 872 unchanged.
NYSE volume totaled 351.24 million shares, vs. 334.95 million yesterday. The NYSE's composite index fell 0.50 to 356.11, and the Standard & Poor's 500-stock index fell 0.47 to 665.22.
The Nasdaq composite index rose 2.18 to 1,126.85, and the American Stock Exchange index fell 1.61 to 557.68.
The pullback marks the third time that the blue-chip measure's rebound from July's rout has faltered after moving above 5,700 and within striking distance of its all-time high at 5,778.00, set May 22.
Broad-market indexes also cut their losses going toward the close, with the Nasdaq market pulling higher by the closing bell.
Stocks started the day lower with bonds as the yield on the 30-year Treasury - a key determinant of corporate and consumer borrowing costs - rose to 6.83 percent.
In the absence of any major developments, investors moved to secure some profits from the market's recent rallies on optimism for steady inflation and interest rates, analysts said.