U.S. stocks dropped on concerns about Greece's precarious financial condition and slowing growth in China, while energy shares fell the most since March, overshadowing gains in small-cap companies.
The S&P 500 (INDEXSP:.INX) slid 0.5 percent to 2,106 at 3:48 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.4 percent to 18,116, and the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) added 0.1 percent to 4,996.
MOVERS:
Noble Energy (NYSE:NBL) fell 6.3 percent to $46.02 after the natural gas and oil producer agreed to acquire its smaller rival Rosetta Resources (NASDAQ:ROSE) for $2.1 billion in stock. Shares of Rosetta surged 27.3 percent to $24.59.
GlaxoSmithKline (NYSE:GSK) climbed 1.1 percent to $45.76 after the U.K. drugmaker said it will invest $20 million over five years to develop a cure for AIDS.
Actavis (NYSE:ACT) rose 3.5 percent to $303.03 after the drugmaker's revenue jumped almost 60 percent, helped by higher sales of its branded drugs in North America.
Sotheby’s (NYSE:BID) advanced 1.4 percent to $44.33 after profit and revenue topped forecasts.
Salesforce (NYSE:CRM) fell 1.5 percent to $71.34 after Microsoft (NASDAQ:MSFT) said it was currently not weighing an offer for the cloud software maker.
Dish Network (NASDAQ:DISH) inched down 0.7 percent to $66.40 after the pay-TV provider said profit doubled although it lost subscribers.
Dean Foods (NYSE:DF) surged 6.9 percent to $17.41, after the food and beverage company beat first-quarter profit and sales expectations, and provided an upbeat second-quarter outlook.
Zulily (NASDAQ:ZU) jumped 5.6 percent to $14.04, after Alibaba (NYSE:BABA) bought a 9 percent stake in the online retailer. Alibaba was down 0.3 percent to $86.80.
Wayfair (NYSE:W) fell 2.8 percent to $29.93, erasing an earlier rally. The online home-goods retailer said its loss narrowed in the first quarter, as increases in marketing and advertising spending helped drive stronger-than-expected sales growth.
Hilton Worldwide (NYSE:HLT) fell 1.4 percent to $29.68 as the hotel operator announced a 90 million share secondary offering, with the shares coming from stockholders affiliated with Blackstone Group. Hilton will not receive any proceeds from the offering.
FXCM (NYSE:FXCM) tumbled 9.3 percent to $1.95 after the online provider of foreign exchange trading posted a $426.8 million net loss for the first quarter, hurt by several items stemming from surge in the Swiss franc after the Swiss National Bank in January removed the cap on the currency’s value.
COMMODITIES:
Gold for June delivery on Comex fell 0.5 percent to settle at $1,183 an ounce after trading as low as $1,178.
West Texas Intermediate for June delivery lost 0.2 percent to settle at $59.25 a barrel on the New York Mercantile Exchange.
OTHER STOCKS:
Europe's stock markets lost ground on Monday as Greece failed to make progress in talks with its eurozone partners and concerns mounted about the potential for a default. London's benchmark FTSE 100 index slid 0.24 percent to end the day at 7,029,85 points.
The CAC 40 in Paris fell 1.23 percent to 5,027.87 points, while the DAX 30 in Frankfurt shed 0.31 percent to 11,673.35 points.
Asian shares closed higher on China's third rate cut in six months but U.S. markets focused on slowing growth in the world's largest-growing economy.