The Standard & Poor's 500 Index slipped 0.7% to 1,559.26, while 10-year Treasury yield lost four basis points at 1.83%. 

"At this point in the market, it’s like after a big meal in a restaurant where people push themselves away from the table to digest," said Jordan Waxman, managing director at HighTower Advisors. "The earnings season will begin next week and the market will be looking for signs of any strengths or weaknesses from corporate management teams and will take its cues from there."