Investors grew skittish after the Federal Reserve released minutes from its most recent open committee meeting around 2 p.m. The Fed's comments suggested that it was less likely the central bank would intervene to help the markets unless growth slows.
The Dow Jones industrial average (INDU) ended the day down 65 points, or 0.5%. The S&P 500 (SPX) shed 6 points, or 0.4%. The Nasdaq (COMP) fell 6 points, or 0.2%.
U.S. stocks ended higher Monday after a manufacturing report showed prices rising less than expected, signaling that inflation may not be a near-term concern. Last week saw several disappointing reports on housing and durable goods, which caused investors to retreat a bit.
Prior to that, stocks had largely been on a tear, with the Dow and S&P 500 ending their best first quarter in over a decade. The Nasdaq had its best first quarter since 1991.
The focus later this week will be on the jobs report for March, which is due out Friday. However, U.S. stock markets will be closed in observance of Good Friday, and bond markets will close early.
The dollar gained against the Japanese yen and British pound, but fell versus the euro.
Oil for May delivery slipped $1.04 to $104.19 a barrel.
Gold futures for April delivery fell $33.10 to $1,646.90 an ounce.
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