Technology sector losses offset US gains

Wall Street's main indexes closed lower overnight as technology sector losses offset gains in communications services while investors waited for key inflation reports that may influence the Federal Reserve's next interest rate decisions.

Among the S&P 500's 11 major industry sectors, only three ended with gains a day ahead of the November reading of the Consumer Price Index, one of the last major reports ahead of the Fed's Dec. 17-18 meeting.

Headline inflation is expected to have risen slightly in November to 2.7 per cent from 2.6 per cent in October. The Producer Price Index report will follow on Thursday.

"There's a little bit of wait-and-see in the market ahead of the CPI and PPI data this week," said Mona Mahajan, head of investment strategy at Edward Jones.

"Markets want to see a number that won't be too disruptive to the fed next week."