U.S. stocks dipped in light volume on Tuesday as lingering concerns about a slowdown in growth more than offset gains in energy shares.
Investors kept trimming large-cap technology positions, pushing the tech-heavy Nasdaq Composite lower. The S&P's energy sector index .GSPE rose 1.3 percent, while its industrials index .GSPI slipped 0.6 percent, sending the market down for a second day. Sectors associated with cyclical growth have suffered recently, with industrials down more than 5 percent so far this month.
"I don't see any strong positive momentum," said Kim Caughey Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
The S&P 500 closed at its lowest level in over a month and ended below its 50-day moving average for a second straight day. The 50-day MA, now at 1,324.59, could turn into a hurdle for the benchmark to reestablish a strong uptrend.
Occidental Petroleum, rose 3.6 percent to $102.50, while Joy Global fell 1.8 percent to $85.96.
Following much weaker-than-expected New York and Philadelphia Fed manufacturing surveys last week, the Richmond Fed survey showed on Tuesday that manufacturing in the central Atlantic region stalled in May after expanding for seven months.
"We don't really have jobs strengthening. We have the economic indicators getting softer and we're heading into the summer," Forrest said.
Energy shares were helped by a near 2 percent rise in U.S. and Brent crude futures. Oil rallied after Goldman Sachs raised its forecast price for the commodity and as the euro erased some of the previous day's losses.
