Oil futures rallied from one-week lows after the International Energy Agency said crude markets were tightening. The S&P 500's energy index <.SPNY>, however, traded lower.
Benchmark 10-year U.S. Treasury notes
Investors were also reacting to comments by Federal Reserve Chief Janet Yellen a day ago signalling a path of steady interest rate increases, taken as a sign of economic strength.
But the data was not enough to embolden U.S. equity investors, who were wary as they waited to see if Trump acts on pro-business promises such as tax cuts, fiscal stimulus and lighter regulation that had sent the S&P 500 up 5.8 percent since Nov. 8, one of the strongest transitions in history.
"There's been a lot of positive news priced into the market so it's taking a break on the equities side," said Wade Balliet, Chief Investment Strategist, Bank of the West, based in Denver who said investors are "getting nervous trying to piece together what the policies will be."
Investors shouldn't expect clarity from the inauguration speech but would hope for signals in coming weeks, Balliet said.
The S&P 500 sank 5.3 percent on outgoing President Barack Obama’s inauguration day and fell 20.4 percent in the first 34 trading days of his administration, bottoming on March 9, 2009. But it has nearly tripled from that low, and including reinvested dividends has delivered a total return of nearly 295 percent.
The Dow Jones Industrial Average <.DJI> closed down 72.32 points, or 0.37 percent, to 19,732.4, the S&P 500 <.SPX> lost 8.2 points, or 0.36 percent, to 2,263.69 and the Nasdaq Composite <.IXIC> fell 15.57 points, or 0.28 percent, to 5,540.08.
The dollar <.DXY> was up 0.2 percent against a basket of major currencies after paring gains. It had risen as much as 8 percent, boosted by the economic data and Yellen's comments. Yellen was due to speak again on Thursday evening.
Trading in European equities and the euro was choppy after ECB President Mario Draghi said interest rates would stay at current or lower levels for an extended period and the ECB would increase or extend bond purchases if the outlook worsens.
The euro
U.S. crude
Gold
(Additional reporting by Karen Brettell and Dion Rabouin in New York, Patrick Graham and Kit Rees in London and Lisa Twaronite in Tokyo; Editing by Meredith Mazzilli and James Dalgleish)
By Sinead Carew