Apple declined nearly 2 percent following news that Google's mobile navigation application Google Maps will be available in Apple's app store. In September, Apple dropped Google's mapping service to launch its own when the tech giant launched the iPhone 5 and rolled out its iOS 6 mobile software platform.
Facebook rallied a day ahead of the social-networking giant's last big stock lock-up expiration, where nearly 156 million shares are expected to be released. The company's shares have surged more than 30 percent in the last three months, but still far from its market debut price of $38 a share.
Best Buy surged to lead the S&P 500 gainers amid expectations founder Richard Schulze will make a formal takeover offer for the consumer-electronics retailer this week in the range of $5 billion to $6 billion, according to a report.
Solarcity soared nearly 50 percent in its market debut on the Nasdaq under the ticker symbol "SCTY." The IPO was priced at $8 a share, which was much lower than the expected range.
Sprint Nextel is offering $2.90 a share to buy the rest of wireless Internet provider Clearwire that it doesn't already own. Clearwire shares soared nearly 15 percent.
CVS Caremark rallied to hit an all-time high after the pharmacy chain said it expects 2013 earnings to grow above this year's expected level and declared a 38 percent dividend increase.
Yum Brands gained after Goldman Sachs upgraded the parent company of KFC and Pizza Hut to "buy" from "neutral."
Among earnings, Adobe Systems is expected to post results after the closing bell.
Meanwhile, the Nasdaq announced that it will cancel a batch of erroneous pre-market trades that were greater than 10 percent away from the prior day's consolidated closing price. Stocks that were affected includes Citigroup, Hewlett-Packard, AT&T, Goldman Sachs, Wells Fargo and Kroger.
On the economic front, producer prices declined for the second month in November, according to the Labor Department, as the cost of energy dropped the most in over three years.
Jobless claims fell for the fourth-straight week, dropping 29,000 to a seasonally adjusted 343,000, according to the Labor Department. Meanwhile, the four-week moving average for new claims fell 27,000 to 381,500. And retail sales edged up in November, according to the Commerce Department, but the gain was less than expected. Meanwhile, business inventories gained in October, in line with expectations.
Treasurys declined after the auctioned $13 billion in 30-year bonds at a high yield of 2.917 percent. The bid-to-cover was 2.50.