The Dow Jones industrial average fell 118.79 points, or 0.58 percent, to close at 20,404.49, with IBM leading decliners and Merck the top advancer.
The S&P 500 fell 4.02 points, or 0.17 percent, to end at 2,338.17, with energy leading seven sectors lower and health care outperforming.
The Nasdaq gained 13.56 points, or 0.23 percent, to close at 5,863.03.
Decliners were a step ahead of advancers at the New York Stock Exchange, with an exchange volume of 821.24 million and a composite volume of 3.501 billion at the close.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 14.98.
On tap this week:
Wednesday
Earnings: American Express, eBay CSX, Canadian Pacific Railway, Qualcomm, Abbott Labs, SLM
2:00 p.m. Beige book
Thursday
Earnings: Travelers, Verizon, Blackstone, Philip Morris, ABB, Bank of NY Mellon, Alliance Data, PPG Industries, Imax, MGIC Investment, KeyCorp, Nucor, Janus, Visa, Sonoco Products, Sherwin-Williams, Mattel, NCR, Danaher
8:30 a.m. Weekly claims
8:30 a.m. Philadelphia Fed
Friday
Earnings: General Electric, Honeywell, NextEra Energy, Kansas City Southern, Schlumberger, Rockwell Collins, Stanley Black and Decker, SunTrust, Morningstar, Steve Madden
9:45 a.m. Manufacturing PMI
10:00 a.m. Existing home sales
Watch: Market still on its heels
