The Dow edged down 30 points, or 0.2 per cent, to close at 15,081. The Standard & Poor's 500 index fell five points, or 0.3 per cent, to 1,655. The Nasdaq eased three points, or 0.09 per cent, to 3,602.
The possibility of a cutback in the Federal Reserve's massive bond-buying program in September has roiled the bond market. The 10-year Treasury note rose to 2.83 per cent, its highest level since July 2011. A week ago, the yield was 2.58 per cent.
Shares of utilities and telecommunications companies, which typically perform poorly in a higher interest-rate environment, closed broadly lower.