The S&P 500 has retreated to its January high of 2,873, after reaching a fresh record high of 2,914 on August 29.

Carol Schleif, deputy chief investment officer at Abbot Downing, pointed to capital flow into U.S. stocks from emerging market stocks, which are in bear market territory.

Emerging market woes are driven in part from the Federal Reserve's plans to raise interest rates, which make EM dollar denominated debt more expensive.