Investors already jittery about slowing growth overseas became more wary after a report on U.S. durable goods orders came in below expectations before the market opened.
The Dow Jones industrial average (INDU) closed down 72 points, or 0.6%. The S&P 500 (SPX) dipped 7 points, or 0.5%. The Nasdaq (COMP) fell 15 points, or 0.5%.
The commodities market dropped even further. Oil and copper fell roughly 2%, and gold lost more than 1%.
Analysts said that it was a light trading day overall with a smaller number of shares changing hands.
With Europe's debt drama on the back burner for now, investors are waiting for first-quarter results to decide whether to continue betting on a run up in the stock market. But the first of the quarterly reports is still about two weeks away.
"The market seems to be catching its breath today," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "Investors are really waiting for the next major potential driver."
A government report on durable goods orders showed that orders increased 2.2% in February, less than the 2.8% expected by economists.
The dollar lost ground against the Japanese yen, but strengthened against the euro and British pound.
Oil for May delivery slipped $1.92 to $105.41 a barrel.
Gold futures for April delivery fell $27.00 to $1,657.90 an ounce.
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