U.S. stocks closed lower Wednesday after mixed data, with energy leading decliners and utilities leading. ( Tweet This )
"I'm definitely seeing a momentum shift and this market has seemed like a momentum-driven market these few months. If momentum does shift it feels like there's not enough economic foundation and initiatives, what the Fed is going to do. ... This is a pretty good challenge point for the market," said Daniel Deming, managing director at KKM Financial.
Energy closed off worst levels but was still 1.3 percent lower as the greatest S&P 500 laggard.
U.S. crude oil futures clung to gains in the settle to end up 13 cents, or 0.30 percent, at $43.78 a barrel. Earlier, weekly EIA crude inventories showed a rise of 2.8 million barrels.