So investors prefer to trim their exposure to equities a bit and wait and see.
I think investors will very soon realize that interest rates and oil prices are still going up. A big selling may be near.
Stocks are down slightly because investors are worried about two things,
Investors believe the hot money isn't going to disappear in the short term.
Investors believe that as long as the U.S. economy stays firm, there's a chance for them to make more good gains.
The direction of the U.S. dollar: Since the economy shows signs of slowing, investors are worried that if the dollar weakens further it might affect equities and other US dollar-denominated investment vehicles. They are also worried about U.S. producer price figures for May.