U.S. equities closed mostly lower Thursday, taking a breather from a record-setting run, while energy dropped 1 percent.
"It's certainly a market that has confidence. The problem with that is, when confidence gets that high, it's harder to push the market considerably higher," said Bruce McCain, chief investment strategist at Key Private Bank.
The Dow Jones industrial average rose about 10 points, closing at a record high, with Chevron contributing the most losses and 3M the most gains.
The S&P 500 dropped 0.1 percent, with energy leading decliners.
"The SPX looks poised for several days of consolidation as it digests recent gains," said Katie Stockton, chief technical strategist at BTIG. "However, we believe the SPX can reach our Q1 target of 2400 before a significant pullback, and would keep a bullish bias."
The Nasdaq composite declined 0.1 percent. The major indexes posted fresh intraday highs earlier in the session.
"I think the market has a problem here, and that is complacency," said Peter Cardillo, chief market economist at First Standard Financial. "Investors are getting ahead of themselves with the prospects of Trump moving forward with tax reform."
The three major indexes, along with the small-caps Russell 2000, closed at new all-time highs again on Wednesday, as President Donald Trump continued touting his economic agenda consisting of three key themes: deregulation, corporate tax cuts and fiscal stimulus. Wednesday also marked the fifth straight day with the indexes closing at record highs.
On Thursday morning, Trump tweeted about the stock market's recent run.