The S&P 500 slipped 0.2 percent from its record set the day before. The Dow Jones Industrial Average dipped 107 points, or 0.2 percent, and the Nasdaq composite sank 0.3 percent.
The S&P 500 fell 13.23 points to 7,785.76, but still closed out a third straight winning week, its longest such streak since a nine-week run that ended in May.
The Dow Jones Industrial Average dipped 107.58 to 53,732.41, and the Nasdaq composite sank 73.87 to 26,729.16.
Stocks gave up modest gains from early in the morning after oil prices swung higher. The price for a barrel of Brent crude rose 1.7 percent to US$88.52 as uncertainty continues about when the war with Iran will allow oil tankers to freely exit the Persian Gulf again.
Also raising uncertainty was a report showing shoppers spent less at US retailers last month than the month before. That surprised economists, who were forecasting another month of growth.
On the bright side for financial markets, such a pullback in spending could take pressure off inflation, which could encourage the Federal Reserve to hold off on hikes to interest rates.
US consumers still appear to be getting more discouraged about the economy. A preliminary survey by the University of Michigan suggested sentiment among them is weakening by more than economists expected.
The survey said drops occurred across the political spectrum and showed up particularly among older, lower-income and other groups who can be hurt most by inflation.
On Wall Street, Reddit jumped 12.6 percent on the news that it will join the S&P 500 index on Tuesday.
Applied Materials fell 5.1 percent even though the company, whose technology helps make semiconductors, reported stronger profit and revenue for the latest quarter than analysts expected.
AI stocks in general have been swinging sharply on worries that their prices shot too high because of AI euphoria and that their strong growth in revenue may not be sustainable. (AP)