The Americans led 2-1 early in the third period but ended up losing the preliminary game when Slovakia's Marko Dano scored at 0:59 of overtime.
Coyotes defenseman Connor Murphy, who has scored three goals on five shots in this tournament, played 19:59 for USA.
The Americans will play Czech Republic in the quarterfinals on Thursday.
FULL RECAP: http://www.iihfworlds2016.com/en/games/2016-05-17/USA-vs-SVK
Finland 4, Canada 0
Finland scored three goals in the second period and never looked back in the final preliminary-round game for both teams.
Coyotes forward Max Domi played 3:38 for Canada, which saw its 16-game winning streak at this tournament end.
Canada will play Sweden in the quarterfinals on Thursday.
FULL RECAP: http://www.iihfworlds2016.com/en/games/2016-05-17/CAN-vs-FIN