US stocks pulled back as rising oil prices dampened market enthusiasm, with the Nasdaq leading losses at 0.6% while all major indices remain near record highs.
Nasdaq Composite led declines, down 0.6%.
S&P 500 fell 0.4% but remained within 2% of its record close.
Dow dropped 258 points, or 0.5%, staying within 3.5% of its record high.
Oil prices reached multi-month highs, pressuring equities.
Major US equity indices retreated as oil prices climbed to multi-month highs, pressuring investor sentiment. Despite the broad-based decline, the S&P 500, Nasdaq, and Dow remain within striking distance of their recent record peaks.
Markets retreated primarily due to rising oil prices, which reached their highest levels in several months, creating inflationary concerns that pressured equity valuations.