The dollar edged off three-year lows as a buildup of bets to sell the currency, based on loose U.S. monetary policy, ran out of steam. The dollar index (.DXY), measured against a basket of major currencies, was last up 0.3 percent.
Brent crude fell 1.3 percent to $123.53 a barrel, and U.S. crude futures shed 1.1 percent to $112.31. The S&P energy index (.GSPE) lost 1.2 percent.
Gold slipped Tuesday from record highs above $1,570 an ounce. The NYSEArca gold bugs index (.HUI) dipped 1.7 percent.
A rise in the greenback saps interest in U.S. dollar-priced commodities as they become more expensive.
"Some of the markets were getting a little overdone," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago.
"Markets gets overbought, dollar is oversold -- yes. You've got a corrective bounce of the dollar coming, it's not a change in trend by any means."
The Dow Jones industrial average (.DJI) dropped 10.25 points, or 0.08 percent, to 12,797.11. The Standard & Poor's 500 Index (.SPX) slipped 2.79 points, or 0.20 percent, to 1,358.43. The Nasdaq Composite Index (.IXIC) shed 4.93 points, or 0.17 percent, to 2,859.15.
Pfizer Inc (PFE.N) fell 2.4 percent to $20.52 after the drugmaker reported lower-than-expected quarterly revenue.
MasterCard Inc (MA.N) rose 3.4 percent to $284.62 after the world's second-largest credit card processing network posted a 24 percent jump in quarterly profit.
At 10 a.m. EST, the Commerce Department releases March factory orders. Economists forecast a 1.9 percent rise, compared with a 0.1 percent drop in February.
This story was corrected to show in 5th paragraph that dollar rise makes commodities more expensive
| Symbol | Price | Change |
|---|---|---|
| MA | 282.77 | +7.48 |
| PFE | 20.35 | -0.67 |
| ^GSPE | 581.03 | -9.17 |
| ^HUI | 561.11 | -12.36 |
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