Nine of the 10 major S&P sectors ended lower, led by consumer discretionary and energy stocks.
The Dow Jones industrial average slipped back into negative territory for the year, with only two of its 30 components higher on the day.
US companies face the prospect of higher borrowing costs if the Federal Reserve raises interest rates next month, as is widely expected after Friday's strong jobs report.
"There are short-term myopic concerns about a Fed rate hike," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa.
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