US stock indexes drifted lower as a seemingly relentless rally on Wall Street takes at least a pause.

The S&P 500 slipped 0.3 per cent for a second straight, modest loss. The Dow Jones Industrial Average dropped 171 points, or 0.4 per cent, and the Nasdaq composite fell 0.4 per cent. All three are still near their all-time highs, which were set on Monday.

Wall Street has lost more ground. Credit: Bloomberg

The Australian sharemarket is set to decline, with futures at 6.01am AEST pointing to a decline of 47 points, or 0.5 per cent, at the open. The ASX shed 0.9 per cent on Wednesday. The Australian dollar was fetching US65.84¢ at 6.16am AEST.

Wall Street’s slowdown comes following the US stock market’s blistering run since hitting a low in April, fuelled by hopes that President Do

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