The main U.S. indexes have all rallied by 19% to 22% so far this year and now investors are taking a breather.
"It seems that we've now reached a post-nonfarm payrolls and summer-induced lull, if volumes across a number of markets are anything to go by," wrote Deutsche Bank analyst Jim Reid, in a client note. "The absence of any major headlines in the last 48 hours and the slow run-off of the U.S./European reporting calendar have also added to the temporary pause we're experiencing."
The vast majority of large U.S.-traded companies have already reported quarterly results, but a few more are trickling in.
In other corporate news, shares of The Washington Post (WPO) slipped after Amazon.com(AMZN) founder Jeff Bezos said he was buying the company's world-renowned newspaper business. Bezos is buying the company's flagship paper -- The Washington Post -- and other print properties for $250 million.