An early rally for the S&P 500 ran out of steam

on word of caution at the Federal Reserve on equity prices.

The minutes of the last Federal Reserve meeting released today

showed some members saying that prices were quite high relative to standard valuation measures.

The S&P 500 ended down 0.3% after rising as much as 0.8% early in the session.

In Europe, the German stock market fell as car makers came under pressure.

With the change in mood, US treasuries ended the day slightly higher,

with the yield on the ten-year note down two basis points, at 2.33%, near the lowest for the year.

Investors and traders are eagerly awaiting Friday's jobs data in the US

for any changes on bets on the timing of the next rate hike.

The futures market now shows the 63% chance of another increase in June.

Oil prices pair against after briefly rising above 55 dollars a barrel for the first time in a month

before the release of data that showed an unexpected build in US inventories.

And that's the New York Minute.