Stocks closed lower on Wednesday as the recent rally in equities eased and investors digested falling oil prices, as well as quarterly results from retail firms.
The benchmark S&P 500 traded about 6 point lower, as energy — the biggest laggard — dropped about 1.5 percent.
"It looks like a normal, healthy pullback," said Adam Sarhan, CEO at Sarhan Capital. "Even under the surface, ... we see orderly selling."
"At this point in time, investors are looking for a reason to sell, and they can't find it," he said. "As long as these pullbacks are short, the bulls remain in control."
The Dow Jones industrial average held about 40 points lower, with ExxonMobil contributing the most losses.
"I think the market is generally complacent, so any bit of news will move the market one way or the other," said Arian Vojdani, investment strategist at MV Financial. "Last year, it was similar. Volumes were low, the market was complacent, and then we got the big news from China."
The Nasdaq composite underperformed, trading about 0.4 percent lower, as Apple fell 0.75 percent and the iShares Nasdaq Biotechnology ETF (IBB) dropped more than 1.5 percent.