Kellogg's slumped after the breakfast food and snack company warned that its full-year performancewould be lower due to disappointing first-quarter performance.
Apple slipped, flirting with its 50-day moving average of $570 a share. Apple entered correction territory last Friday and is due to report quarterly results after Tuesday's closing bell.
Xerox and SunTrust were among the few companies trading in positive territory. Xerox handed in a positive forecast, while SunTrust posted earnings that surged almost 40 percent from a year ago.
Netflix and Texas Instruments are scheduled to post earnings after-the-bell.
Facebook said it will pay Microsoft $550 million in cashfor hundreds of patents that the tech giant recently acquired from AOL .
On the M&A front, Nestle will acquire Pfizer's infant nutrition business for $11.85 billion, beating out French rival Danone.
AstraZeneca has agreed to buy U.S. biotech company Ardea Biosciencesfor $1.26 billion, giving it access to a new drug for treating gout patients, in AstraZeneca’s latest deal to try and bolster its drug pipeline.
And Beam will buy Pinnacle Vodka and rum brand Calico Jack from White RockDistilleries in a deal worth around $600 million in cash.
—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC—
Coming Up This Week:
TUESDAY: S&P Case-Shiller home price index, new home sales, consumer confidence, FHFA home price index, 2-yr note auction, FOMC meeting begins, IBM shareholders meeting, Wells Fargo shareholders meeting; Earnings from AT&T, 3M, Unite Tech, US Steel, Amgen, Apple, Baide, Aflac
WEDNESDAY: Weekly mortgage apps, durable goods orders, oil inventories, FOMC meeting announcement, 5-yr note auction, Bernanke press conference, Coca-Cola shareholders meeting, GE Shareholders meeting, Hudson City shareholders meeting, USDA food prices outlook; Earnings from Boeing, Caterpillar, Eli Lilly, GlaxoSmithKline, AutoNation, Delta, Credit Suisse, Motorola Solution, Sprint, Akamai
THURSDAY: Jobless claims, Chicago Fed nat'l index, pending home sales index, 7-yr note auction, J&J shareholders meeting; Earnings from AstraZeneca, Bristol-Myers Squibb, Chrysler, ExxonMobil, PepsiCo, Royal Dutch Shell, Barclays, Pulte, Amazon.com, Starbucks, Zynga
FRIDAY: GDP, employment cost index, consumer sentiment; Earnings froM Chevron, Merck, P&G
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