The Dow Jones industrial average (INDU), lost 23.54 points, or 0.2% to close at 11,731.90. The S&P 500 (SPX) slipped 2 points, or 0.2%, ending the day at 1,283.76, and the Nasdaq (COMP) fell 2 points, or 0.1%, closing at 2,735.29.
On Wednesday, financial shares sparked a broad rally, sending stocks to multi-year highs and marking the second straight winning day for the Dow.
But bank stocks took a breather Thursday as investors geared up for JPMorgan Chase (JPM, Fortune 500), which is slated to report earnings before Friday's opening bell.
"Everyone's waiting on the financials to report," said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams.
The session got off to a weak start following disappointing reports on jobless claims and inflation. "It was horrible," said Rovelli. "The only reason that people are still buying stocks is they're anticipating a strong earning season."
Eurozone jitters have led to choppy trading this week and that's likely to continue in the near term.
Credit rating agencies Standard & Poor's and Moody's issued a warning on U.S. credit early Thursday, citing mounting debt, according to The Wall Street Journal.
Oil for February delivery settled down 46 cents to $91.40 a barrel.
Gold for February delivery dropped $1.20 to $1,387 an ounce.
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