Stocks looked to end a solid quarter on a sour note, as concerns about bank stress-test results and a potential downgrade of Spain's credit rating weighed on sentiment.
The Dow Jones Industrial Average shed 67 points, or 0.5%, to 13419 in the minutes after the opening bell. As of the latest close, the Dow had gained 395 points, or 3%, so far in September and 606 points, or 4.7%, so far during the third quarter.
The Standard & Poor's 500-stock index gave up six points, or 0.4%, to 1441. The Nasdaq Composite Index lost 11 points, or 0.4%, to 3125.
Worries mounted ahead of the release of a stress test of Spanish banks, set for around noon EDT . Investors also fretted Moody's Investors Service might downgrade Spanish government debt to junk status. The ratings firm's review of Spain's credit rating was set to end Friday.
European markets turned broadly lower. The Stoxx Europe 600 fell 0.7%, and Spain's IBEX-35 dropped 1.1%.
The Centre for Economic Policy Research and the Bank of Italy said their Eurocoin indicator improved to just negative 0.32% in September from negative 0.33% in August, suggesting the European Central Bank's efforts to bolster the economy are having little impact.
In addition, data released by Eurostat showed that consumer inflation in the euro zone rose by 2.7% in the 12 months to September, which is much faster than the ECB's target of just below 2%.
U.S. consumer spending rose in August at the fastest rate in six months, in line with economists' expectations. The increase likely reflected higher prices for products such as gasoline. Personal income rose 0.1% last month, slightly less than economists had projected.
