US stocks were set to drift slightly lower in a quiet market yesterday as Wall Street half-closes for the Veteran?s Day holiday and no major economic data and little corporate news is expected.

Stock futures were trading down early yesterday, below fair value, pointing to a lower open. ?The market is in a consolidation phase, at the higher end of the trading range, with a little bit of pullback,? said Peter Cardillo, chief strategist at Global Partners Securities Inc. ?The next catalyst will probably be economic numbers that continue to confirm the economic expansion.?

Stocks fell on Monday, with technology shares leading the retreat, as investors cashed in on recent gains after the market?s brush with 2003 highs last week amid signs the economy is regaining its health. Given the market?s heady climb so far this year, some investors are betting the economy?s recent show of strength is already largely factored into stock prices.

The Dow Jones industrial average fell 53.26 points, or 0.54 percent, to 9,756.53. The broader Standard & Poor?s 500 Index dropped 6.1 points, or 0.58 percent, to 1,047.11, and the technology-laced Nasdaq Composite Index (.IXIC: sagged 29.1 points, or 1.48 percent, to 1,941.64. That downward drift was set to continue yesterday amid light trade as many on Wall Street take Veteran?s Day off. Banks and the Treasury bond market are closed.

Earlier yesterday, Tokyo shares slid to their lowest level since August as high techs and other exporters slumped on a weak dollar. European shares eased further from last week?s 2003 highs as investors feared the pace of recent gains was too fast.

No major economic data was scheduled for yesterday. Retailers J.C. Penney and May Department Stores dominated the slowing trickle of third-quarter earnings. Other US stocks to watch include satellite broadcaster EchoStar Communications, which early yesterday reported that subscriber growth slowed and its results missed Wall Street?s target.