“U.S. equities are stuck in a holding pattern as trading volumes dry up following the holiday break,” Stephen Innes of SPI Asset Management said in a commentary. “Liquidity remains razor-thin, and market moves appear more about year-end housekeeping than aggressive positioning.”

Indexes fell in their first trading day after Christmas as traders hope for a so-called Santa Clause rally to propel markets higher into the new year.

Shares are lower in Tokyo and Shanghai, two of only a handful of world markets open on Christmas day. Oil prices rose.