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STORY: Wall Street's main indexes closed lower on Tuesday as investors turned cautious ahead of economic data due this week.

The Dow shed more than eight-tenths of a percent, the S&P 500 lost about three-tenths and the Nasdaq dipped marginally.

Stocks had rallied to record highs since the Nov. 5 election as investors bet on an equity boost from President-elect Donald Trump's proposed tax cuts and the prospect of easier regulatory policies.

Mike Mussio is president of FBB Capital Partners.

"The purchases into all markets, but specifically U.S. equity markets big and small, were pretty, pretty significant last week. And you've got a little bit of profit taking on the margin. Not a ton of news - banking holiday yesterday., you get some CPI (Consumer Price Index) stuff coming tomorrow, but pretty, pretty quiet. And, you know, with a little bit of a blip today, we're still up, you know, mid-single digits in a week of trading, which in most years is great for a half of a year of trading."

Some stocks expected to perform well under Trump gave back gains Tuesday, with shares in electric car maker Tesla falling more than 6%, after rising nearly 40% since election day.

Among other movers, Biotech firm Novavax dropped 6% after cutting its annual revenue forecast due to lower-than-expected sales of its COVID-19 vaccine.

Shares of Honeywell hit a record high after activist investor Elliott Investment said it has built a stake worth more than $5 billion in the industrial conglomerate.

And Spotify, up more than 2% at the close, gained another 8% in after hours trading. The audio-streaming giant forecast fourth-quarter profit above Wall Street estimates, betting on cost cuts and strong subscriber growth in the crucial holiday season.

Wednesday brings the latest consumer price inflation data, followed later in the week by producer prices inflation and retail sales data.