So investors prefer to trim their exposure to equities a bit and wait and see.
I think investors will very soon realize that interest rates and oil prices are still going up. A big selling may be near.
Stocks are down slightly because investors are worried about two things,
Investors believe that as long as the U.S. economy stays firm, there's a chance for them to make more good gains.
Investors believe the hot money isn't going to disappear in the short term.
The direction of the U.S. dollar: Since the economy shows signs of slowing, investors are worried that if the dollar weakens further it might affect equities and other US dollar-denominated investment vehicles. They are also worried about U.S. producer price figures for May.