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From Briefing.com: The major indices finished off their lows of the morning, but still ended Monday's session entrenched in negative territory.

The S&P 500 declined 0.5% as anxiousness over the dealings with Greece and weaker than expected industrial production data out of the U.S. combined to keep buyers sidelined for the most part.

There was some M&A activity that provided some support, yet it wasn't enough to overcome losses in nine of the ten economic sectors. The health care sector (+0.03%) was the only gainer on Monday.

The S&P 500 information technology sector (-0.6%) trailed slightly behind the broader market in an otherwise slow news day for the group. Leading decliners included Citrix Systems (CTXS 70.03, -1.88, -2.6%), Computer Sciences (CSC 66.20, -1.55, -2.3%), Hewlett-Packard (HPQ 31.71, -0.70, -2.2%), Micron (MU 24.24, -0.89, -3.5%), and SanDisk (SNDK 64.18, -1.92, -2.9%).

Notable news items from sector components included the following:
Accenture (ACN 95.76, -0.31, -0.4%): Company and Fast Retailing are forming a joint initiative to accelerate the digital innovation of consumer services for Fast Retailing's customers globally.

Alliance Data (ADS 299.46, -2.09): Card services performance update for May 2015 showed average receivables +33% year-over-year, with a delinquency rate of 3.9%. Company also announced net charge-offs of ~$41.2 mln.

Altera (ALTR 51.56, -0.03, -0.1%): Announced that its Arria 10 FPGAs have been chosen by Silkan, a provider of real-time data transmission, for its new deterministic real-time high-speed Ethernet interconnection technology.

Apple (AAPL 126.92, -0.25, -0.2%): An Apple executive told re/code that 71.5% of Apple Music's subscription revenue will be paid to music right owners in the U.S. and will average around 73% to music right holders outside the U.S.

Facebook (FB 80.71, -0.82, -1.0%): Introduced Moments, a private way to share photos
IBM (IBM 166.26, -0.73, -0.4%): Announced a major commitment to ApacheSpark, potentially the most important new open source project in a decade that is being defined by data. At the core of this commitment, IBM plans to embed Spark into its industry-leading Analytics and Commerce platforms, and to offer Spark as a service on IBM Cloud.

MasterCard (MA 93.30, -0.47, -0.5%): Announced it has become the first payment network to provide tokenization services to private label (store-branded) credit card issuers. BJ's Wholesale Club, Kohl's and JCPenney will be among the first retailers to bring mobile payments to their private label cardholders later this year.

Yahoo (YHOO 40.48, -0.05, -0.1%): Citing several sources who spoke to the paper, the New York Post reported that Yahoo will pay Katie Couric up to $10 million per year to remain Yahoo's global news anchor.
Elsewhere in the technology space:

Alibaba (BABA 86.12, -0.51, -0.6%): Reuters reported Alibaba Group Holding is going to launch an online video streaming service in China in approximately two months, citing Alibaba's head of digital entertainment.

Marvell (MRVL 14.09, -0.20, -1.4%): Announced that Jazztel, a global telecommunications operator, will install a Marvell powered G.hn networking solution from Comtrend, to accelerate the deployment of their Fiber-To-The-Home network

Twitter (TWTR 34.67, -1.23, -3.4%): CNBC reported a statement indicating that Prince Alwaleed will support Jack Dorsey becoming CEO of Twitter

Analyst Action:

Amazon.com (AMZN 423.67, -6.25, -1.5%): Canaccord Genuity raised its target to $400 from $380

Ciena (CIEN 25.90, +0.26, +1.0%): target raised to $30 from $28 at RBC Capital Markets

EMC (EMC 26.94, -0.13, -0.5%): downgraded to Market Perform from Outperform at FBR Capital; target lowered to $28 from $31

Jabil Circuit (JBL 24.08, -0.06, -0.3%): upgraded to Buy from Hold at Needham; $29 target
Micron (MU 24.24, -0.89, -3.5%): downgraded to Underweight from Equal-Weight at Morgan Stanley; target lowered to $21 from $30

SanDisk (SNDK 64.18, -1.92, -2.9%): downgraded to Equal-Weight from Overweight at Morgan Stanley

Teradata (TDC 37.50, -1.07, -2.8%): downgraded to Market Underperform from Market Perform at JMP Securities

Twitter (TWTR 34.67, -1.23, -3.4%): Axiom Capital lowers target to $40 from $45
(Disclosure: Briefing.com has a business relationship with Yahoo)

4:10 pm : The stock market began the new trading week on a cautious note with the S&P 500 sliding below its 100-day moving average (2,089). The benchmark index lost 0.5% and registered its second consecutive decline.

Equities notched their session lows during the opening hour after Sunday's talks between Greek officials and the country's creditors broke down without any progress. This left the situation essentially unchanged since last week with the two sides remaining at odds over cuts to state pensions/wages and the appropriate VAT levels.

The lack of progress between the two sides fueled the opening retreat, but the S&P 500 was able to cut its loss in half by midday. Equities held near their afternoon levels after Germany's Suddeutsche Zeitung reported that Eurozone officials have agreed on a plan B in the event Greece is unable to come to terms with its creditors. According to the report, a special summit will be held on Friday night if this week passes without a deal. Furthermore, it is expected that capital controls will be imposed, but enforcement of those measures would be in the hands of the Greek parliament.

For the second day in a row, the lack of progress led to a widening in European yield spreads with demand for German bunds driving their yield down a basis point to 0.82% while Italy's 10-yr yield jumped 11 basis points to 2.33%. Similarly, Spain's 10-yr yield increased ten basis points to 2.38% as European investors showed safe-haven demand.

That safe-have demand kept Treasuries in the green throughout the day. The 10-yr note settled below its high, but still ended in the green with its yield down four basis points at 2.36%.

Nine of ten sectors registered losses with the top-weighted technology space (-0.6%) struggling throughout the day. The sector was pressured by some of its largest components like Microsoft (MSFT 45.48, -0.49), Oracle (ORCL 43.74, -0.60), and Facebook (FB 80.71, -0.82) while high-beta chipmakers fared relatively well even though the PHLX Semiconductor Index shed 0.2%. Micron (MU 24.24, -0.89) and SanDisk (SNDK 64.18, -1.92) kept the index near the broader market after both names were downgraded at Morgan Stanley. Micron lost 3.5% while SanDisk surrendered 2.9%.

Elsewhere, industrials (-0.8%) and materials (-0.7%) underperformed while the remaining cyclical sectors ended near the broader market. Notably, the consumer discretionary space (-0.5%) settled in-line with the S&P 500, which masked relative strength among homebuilders. The iShares Dow Jones US Home Construction ETF (ITB 26.94, +0.04) added 0.2% after Standard Pacific (SPF 8.82, +0.46) and Ryland Group (RYL 45.02, +2.23) agreed to a merger of equals.

Meanwhile, the countercyclical side looked a little better with the health care sector (+0.03%) eking out a slim gain. Similarly, the utilities sector (-0.2%) finished ahead of the broader market while telecom services (-0.6%) and consumer staples (-0.7%) underperformed.

Today's trading volume was below average with roughly 715 million shares changing hands at the NYSE floor.

Economic data included Empire Manufacturing, Industrial Production/Capacity Utilization, and NAHB Housing Market Index:

The Empire Manufacturing Survey for June registered a reading of -2.0, which was below the prior month's reading of 3.1 and below the Briefing.com consensus estimate, which was pegged at 6.0
Industrial production decreased 0.2% in May after declining a downwardly revised 0.5% (from -0.3%) in April while the Briefing.com consensus expected an increase of 0.3%
Manufacturing production declined 0.2% in May after increasing 0.1% in April, which was the first decline since a 0.2% drop in February
Capacity utilization hit 78.1% while the Briefing.com consensus expected a reading of 78.3%
The NAHB Housing Market Index for June rose to 59 from 54 while the Briefing.com consensus expected an increase to 56

Tomorrow, May Housing Starts (Briefing.com consensus 1.10 million) and Building Permits (consensus 1.10 million) will both be released at 8:30 ET.

Nasdaq Composite +6.2% YTD
Russell 2000 +4.8% YTD
S&P 500 +1.2% YTD
Dow Jones Industrial Average -0.2% YTD

DJ30 -107.54 NASDAQ -21.13 SP500 -9.68 NASDAQ Adv/Vol/Dec 1168/1.63 bln/1859 NYSE Adv/Vol/Dec 1093/716.8 mln/1988

3:15 pm :

The dollar saw broad weakening after a mid-morning high near 95.4, which gave commodities broad support going into the close
The index has sold off in most recent trade, and is now slightly negative at -0.2% to 94.8
Crude has traded red all session, as OPEC production concerns outweighed a weakening dollar amidst a lack of positive catalysts. The July contract closed -0.6% to $59.55/barrel
Natural gas strength went unchallenged throughout the afternoon, as the commodity extended large morning gains.
Supply concerns emanating from a developing storm in the Gulf Coast, in addition to periphal drivers that included warmer weather forecasts in the Eastern US, drove Nat gas to close up 5.1% to $2.89/MMBtu
Precious metals lifted off the flat line in mid-morning trade, and supported by a falling dollar index closed modestly positive.
August gold closed +0.5% at $1185.60/oz and July silver ended +1.5% to $16.08/oz
Copper saw no positive lift from a weakening dollar, as sentiment remained focused on recent negative macro-econ data trends out of China. Copper closed -1.1% to $2.65/lb

11:55 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (167) outpacing new highs (85) (:SCANX) : Stocks that traded to 52 week highs: ACFC, ADAP, AIG, ALDR, AMBA, AMCN, AMWD, ANN, ANTH, APOG, ATAI, BBT, BKYF, BNCL, BOOT, BPMC, BRSS, CASH, CHKE, CIEN, CLRO, CNC, CVRS, CYNI, DATA, EHIC, ESNT, ESXB, ETE, FCAP, FCB, FEYE, FFKT, FOLD, FRSH, GEVA, GLOB, GRO, GSIG, HQY, IKGH, IMAX, IMPV, INFN, IPHI, IRMD, ISSI, IXYS, JYNT, KALU, KMPH, LTXB, MAN, MCBK, MIC, MSBF, MSFG, MXL, NPTN, NWBO, OGEN, ORBC, ORBK, PCTY, PGTI, PMBC, RDHL, RELY, RMTI, RNG, RPTP, SBBX, SBNY, SHOP, SIGM, SINA, SIRO, SUSQ, TFSL, TRAK, VICL, WAFD, WMS, ZIXI, ZOES

Stocks that traded to 52 week lows: AA, ACST, ACTG, ACTX, AEGR, AHT, AP, APOL, ARLP, AUMN, AUY, AVA, AWF, AXE, BDN, BGR, BKH, BLT, BOOM, BSMX, BTU, CEL, CEN, CLBS, CLD, CNS, CNX, CPSH, CPTA, CTCM, CTP, CVSL, DDD, DDR, DELT, DNI, DPG, DPM, DXM, EDE, EE, EOX, ERA, ERC, ERH, ESL, ETR, EZPW, FCO, FDML, FGB, FIF, FPT, FREE, FSC, FSTR, FSYS, FTR, GDP, GG, GLF, GPL, GRMN, GRPN, GRR, GTY, GWR, HGT, HH, HMY, HOV, HTGC, HTR, I, IF, IO, IRC, IRET, ISD, ISH, ITC, JHI, JMM, JRI, KELYA, KLAC, KYE, LF, LFL, LOR, LXP, MARA, MDIV, MDU, MFV, MHI, MIN, MNR, MSI, MU, MYGN, NETE, NFJ, NOA, NOR, NTG, NWPX, NWS, NWSA, OFC, OGE, OKS, ONDK, ORN, PERI, PFL, PGP, PHT, PKX, PLTM, POT, PSB, PTNR, PTX, PVA, QEP, RELL, RESN, RLJE, RMT, ROYT, RYN, SB, SBGL, SIR, SJI, SMM, SMRT, SMTC, SPH, SPW, SRF, SRV, STR, SWSH, SXC, TAXI, TDC, TGP, THS, TLN, TRMB, TROX, TUTI, TWTR, VMEM, VPV, VSH, WING, WLT, WMT, WRES, WTS, WTW, ZAZA, ZQK, ZSAN

ETFs that traded to 52 week highs: none

ETFs that traded to 52 week lows: DBA, EGPT, EWM, IDX, KOL, PPLT, SGG

Market internals continue to weaken. New highs for the indexes with lower numbers of stock participating like last Friday ultimately are a lot more worrisome than P/E ratios of any kind to me. RtS