Wall Street stocks retreated as markets watched congressional debates on President Donald Trump's tax cut proposal and monitored US Treasury yields.

The major indexes spent the entire session in negative territory, with the S&P 500 ending lower after six consecutive positive sessions.

“The main factor is the day of consolidation. The market was so heated,” said Briefing.com analyst Patrick O'Hare.

The Dow Jones Industrial Average closed down 0.3% at 42,677.24 points.

The broad-based S&P 500 lost 0.4% to 5,940.46, while the tech-heavy Nasdaq Composite Index also fell 0.4% to 19,142.71.

Trump visited Capitol Hill on May 20, where he faced challenges in uniting the Republican faction in the House of Representatives, which includes lawmakers from high-tax northeastern states who want bigger tax cuts, and members concerned about increasing the deficit.

Investors are also focused on higher yields in the government bond market. Moody's highlighted the deficit last week in its downgrade of the US credit rating.

Among individual companies, Tesla rose 0.4% after CEO Elon Musk said the company's sales had improved in most markets after a difficult first quarter. Musk also expressed optimism about the potential of autonomous driving and humanoid robotics to boost Tesla.

Alphabet, Google's parent company, fell 1.5% after unveiling new artificial intelligence features at its annual developer event. CEO Sundar Pichai said the “new AI mode is a completely reimagined version of search with more sophisticated reasoning.” | BGNES