The Dow Jones Industrial Average closed 22 points, or 0.2% lower, at 10,835. The S&P 500 shed 3 points, or 0.3%, to finish at 1,144, and the Nasdaq Composite fell 3 points to 2,376.
The November delivery crude oil contract settled 2% higher at $77.86 a barrel.
Gold for December delivery settled $2 higher at $1,310.30 an ounce.
Meanwhile, stocks were pacing themselves ahead of fresh economic data on Thursday, including the initial weekly jobless claims numbers and GDP data.
"We have the latest reading on GDP coming out tomorrow, but based on where it is now, we're not going to be growing employment anytime soon. The rate of growth is slowing and that's causing concern for everyone. I think that's what we saw yesterday with the drop in the consumer confidence numbers," said Kevin Pianko, audit partner at WeiserMazars, adding that recent cautionary statements from certain large-caps regarding the upcoming holiday season weren't helping sentiment.
"I don't think the government will do anything to support the recovery until after the elections but uncertainty regarding taxes is certainly weighing on people because they can't plan appropriately. They aren't sure if they'll able to hire new people and invest in new equipment," Pianko said.
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