The Dow Jones Industrial Average snapped its seven-day winning streak on Wednesday as profit takers took advantage of its recent record run.
The Dow fell 0.29%, the S&P 500 was down 0.16%, and the Nasdaq rose 0.36%.
"Domestic stocks are mixed with financials paring a rally and technology issues recovering amid a break in positioning that followed President-elect Donald Trump's surprise election victory," Nathan Peterson, senior derivatives analyst at Schwab Center for Financial Research, wrote in a note.
Rallies in financials and pharmaceuticals propelled the Dow to close at records for the previous four sessions. Those sectors have benefited from investors' bets that a Trump Administration would bring decreased regulations.
Crude oil fluctuated on Wednesday, caught between worries over a growing supply glut in the U.S. and hopes of a production freeze from some of the world's largest oil producers. The Energy Information Administration reported that 5.3 million barrels were added to stockpiles in the week ended Nov. 11, more than double the 2.4 million barrels a week earlier. Analysts anticipated 1.5 million barrels to have been added. A separate reading from the American Petroleum Institute showed stockpiles rising by 3.7 million barrels over the past week.
Reports Russia's Energy Minister Alexander Novak had thrown his support behind a deal among major oil producers boosted hopes of a solution to global oversupply. Reuters reported that Novak suggested higher chances of a production freeze agreement among Organization of the Petroleum Exporting Countries. Oil had surged to three-week highs on Tuesday on renewed hopes for a deal. OPEC is set to meet in Vienna on Nov. 30 to discuss a possible arrangement.