The major indices closed lower across the board today as investors took profits from last weeks gains and sold following poor existing home sales. The Dow fell 56.74 points, the Nasdaq fell 15.44, and the S&P 500 closed lower by 12.58. The major indices spent the large majority of the day in negative territory, but the selloff stayed quite orderly throughout the day. 
Consumer cylicals led the way down, with major automotive companies and specialty retailers being major drags on the market. General Motors Corporation (NYSE:GM) fell by 2.35% today after a JP Morgan analyst questioned the health of the lending division of the company and cited problems with truck lines. Ford Motor Company (NYSE:F) fell as well, but by just 1.27% on very light volume. Specialty retailers, which were one the strongest sectors Friday, were quite weak today. Coach Inc (NYSE:COH) and Polo Ralph Lauren (NYSE:RL) dropped by 5% and 3.1% respectively on the trading session.
Companies seen as less levered to the economy fared best today. Kellogg Company (NYSE:K) closed higher by 0.86%, and General Mills Inc (NYSE:GIS) by 0.05% as the food processing sector showed some relative strength. Altria Group Inc. (NYSE:MO) jumped by 1.3% after reports claimed that the company was considering another spinoff.
The trading day was quiet today as investors and traders primarily sat on the sidelines. The market environment is likely to stay on the quiet side for the next few weeks as investors wait on the next FOMC meeting to provide real direction to the financial markets. Any news on the credit markets are liable to cause short-term jumps or plunges in the major indices, but the long-term trends are likely to be established when the FOMC meets in September.
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