The tech-heavy Nasdaq inched up 5.95 points or less than a tenth of a% to 20,418.46, the S&P 500 edged down 4.46 points or 0.1% to 6,225.52 and the Dow fell 165.60 points or 0.4% to 44,240.76.

Wall Street traded cautiously amid uncertainty over Trump's trade policies. He extended tariff suspensions to August 1 but gave mixed signals on further extensions. Threats of higher tariffs on 14 countries added to market unease. A data lull and upcoming Fed minutes also kept traders sidelined. Most expect no rate change in the July 29-30 Fed meeting.

The Fed minutes may shed additional light on the outlook for interest rates ahead of the central bank's next meeting on July 29-30. CME Group's FedWatch Tool is currently indicating a 95.3% chance the Fed will leave rates unchanged later this month.

Broader markets showed a lacklustre performance, energy stocks showed a substantial move to the upside on the day. The Philadelphia Oil Service Index spiked by 5.3% and the NYSE Arca Oil Index surged by 3.4%, reflecting strength in the sector.

Semiconductor stocks were significant strength, as reflected by the 1.8% gain posted by the Philadelphia Semiconductor Index. Biotechnology and steel stocks too saw notable strength while gold stocks moved sharply lower along with the price of the precious metal.

Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index rose by 0.3%, while China's Shanghai Composite Index advanced by 0.7%. The major European markets also moved upside while the U.K.'s FTSE 100 Index climbed 0.5%, the German DAX Index and the French CAC 40 Index both increased by 0.6%.

In the bond market, treasuries extended the downward trend seen over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2 bps to 4.41%.

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