The S&P 500 dipped 0.3% after flirting with its all-time high, which was set two weeks ago, earlier in the day. The Dow Jones Industrial Average dropped 200 points, or 0.5%, while the Nasdaq composite shaved 0.3% off its own record.

Wall Street's main indexes ended lower on Monday as investors anxiously await inflation data this week to assess the outlook for interest rates and eye U.S.-China trade developments.

Retail inflation held few surprises in July, with the overall number steady but core inflation, which the Fed watches, continuing a reacceleration that started in March.