Indexes were mixed after shipper's gloomy forecast.
Glum economic news from FedEx left stocks mixed Tuesday.
The Dow Jones industrial average posted a slight gain, but other indexes fell. Declining stocks outnumbered advancers. And seven of the 10 industries tracked by the Standard & Poor's 500 index declined.
European stocks fell; so did oil.
FedEx said it sees a worldwide economy that has stalled. Investors pay close attention to its forecasts because its package delivery business spans the globe and offers a window into how the economy is doing.
Meanwhile, Apple closed above $700 for the first time, rising $2.13 to close at $701.91. Apple shares have risen more than 19 percent in the past three months. The recent gain has been driven by sales of the iPhone and related gadgets.
Stocks broadly have been on a strong run. The S&P 500 is up 14 percent since June 1.
"The market is at high levels, certainly due for a pullback, and I suspect we'll probably see one," said Peter Cardillo, chief market economist at Rockwell Global Capital.
The S&P 500 index fell 1.87 points to close at 1,459.32. The Nasdaq closed down 0.87 point at 3,177.80. The Dow rose 11.54 points to 13,564.64.
Markets had rallied sharply last week after the Federal Reserve announced aggressive measures intended to kick-start the economy. This week, investors appear more focused on the weak growth that caused the Fed to act in the first place.
The Fed's announcement was for open-ended asset purchases, noted Charlie Smith, chief investment officer for Fort Pitt Capital Group in Pittsburgh.
"The feeling on the Street is, 'OK, what can they do next?' and, by definition, there's nothing more they can do than what they announced," he said.
Ed Hyland, managing director at JP Morgan Private Bank, said it's noteworthy the market hasn't pulled back more after its recent run-up.
"It will be interesting to see, as we move into earnings season, how the market will react to what we think will be a little bit weaker earnings," he said.
Also on Tuesday, the Commerce Department reported that the current account deficit, the broadest measure of American trade, dropped 12.1 percent in the second quarter. That's down from a record high in January through March.
The deficit shrank because of an increase in American exports and cheaper oil. But economists are predicting it will grow again because of the global slowdown.