U.S. stocks declined as energy stocks dropped with oil and financial shares fell from a seven-year high and as investors eyed the Greece debt saga.
The S&P 500 (INDEXSP:.INX) fell 0.4 percent to 2,112.21 at 3:38 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) skidded 0.4 percent to 18,035.22, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) retreated 0.3 percent to 5,119.32.
Energy stocks fell more than half a percent as one of the greatest decliners in the S&P 500 as oil traded lower on concerns about Greece and increased shale oil supply.
At an emergency summit on Monday, euro zone officials are expected to discuss how to handle a Greek default if no new Greek reform proposals arrive, Reuters reported. Athens has said without further aid, it will be unable to make a 1.5 billion euro ($1.7 billion) debt payment to the International Monetary Fund due on June 30.
Federal Reserve Bank of San Francisco President John Williams said today the central bank is likely to raise interest rates this year as the economy reaches full employment, though he’s troubled by low inflation.
MOVERS:
Red Hat (NYSE:RHT) added 1.5 percent to $79.65. The provider of Linux software reported adjusted quarterly profit of $0.44 per share, $0.03 above estimates. Revenue also beat forecasts, although its growth in future orders slowed from the prior year.
Twitter (NYSE:TWTR) gained 3.1 percent to $35.70. The microblogging company seeking to be a bigger player in live events is planning a new product to curate tweets and other content about major sports contests, entertainment events and breaking news.
Amgen (NASDAQ:AMGN) inched up 0.5 percent to $160.98 after the biotechnology company said its drug met the main goal of improving overall survival in metastatic colorectal cancer patients who have not responded to chemotherapy.
ConAgra Foods (NYSE:CAG) gained 11 percent to $43.39 ahead of the bell after activist hedge fund Jana Partners took a stake in the packaged food company.
Hershey (NYSE:HSY) fell 3.8 percent to $88.78 after the provider of chocolate and sugar confectionery said it would cut about 300 jobs and lowered its sales-growth forecast again for the year.
CarMax (NYSE:KMX) skidded 3.2 percent to $69.65 after the used cars retailer reported slightly weaker-than-expected sales growth in its May quarter, though profit met Wall Street expectations.
KB Home (NYSE:KBH) advanced 9.6 percent to $16.40 after reporting better than expected profit and revenue in the last quarter.
Martha Stewart Living Omnimedia (NYSE:MSO) gained 9.3 percent to $7.06. The company is close to a sale, according to Dow Jones. The buyer will reportedly be retail licensing company Sequential Brands.
Smith & Wesson Holding (NASDAQ:SWHC) fell 0.6 percent to $16.20 after the firearm maker’s quarterly forecast fell short of expectations even as fourth-quarter adjusted earnings beat.
OTHER MARKETS:
The Stoxx Europe 600 index trimmed earlier gains and was up 0.3 percent and Greece’s Athex Composite Index was 0.6 percent higher, moves which analysts ascribed to the upbeat trading day in the U.S. yesterday.
COMMODITIES:
Gold for August delivery fell 10 cents to settle at $1,201.90 an ounce on Comex.
On the New York Mercantile Exchange, July crude slumped 1.4 percent to settle at $59.61 a barrel.