The Dow Jones industrial average fell 36.30 points, or 0.17 percent, to close at 21,235.67, with Apple leading decliners and General Electric the top advancer.
The S&P 500 declined 2.38 points, or 0.1 percent, to end at 2,429.39, with information technology leading six sectors lower and telecommunications outperforming.
The Nasdaq pulled back 32.45 points, or 0.52 percent, to close at 6,175.46.
Advancers and decliners were about even at the New York Stock Exchange, with an exchange volume of 951.06 million and a composite volume of 4.021 billion at the close.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 11.4.
—CNBC’s Patti Domm contributed to this report.
On tap this week:
Tuesday
FOMC meeting begins
6:00 a.m. NFIB survey
8:30 a.m. PPI
Wednesday
8:30 a.m. Retail sales
8:30 a.m. CPI
10:00 a.m. Business inventories
2:00 p.m. FOMC Statement
2:30 p.m. Fed Chair Janet Yellen briefing
Thursday
8:30 a.m. Initial claims
8:30 a.m. Import prices
8:30 a.m. Empire state manufacturing
8:30 a.m. Philadelphia Fed survey
9:15 a.m. Industrial production
10:00 a.m. NAHB survey
4:00 p.m. TIC data
Friday
8:30 a.m. Housing starts
8:30 a.m. Business leaders
10:00 a.m. Consumer sentiment
12:45 p.m. Dallas Fed President Rob Kaplan
