“Market is pulling back on uncertainty and concern in the euro zone causing investors to pause and become more protective,” said Mark Martiak, senior wealth strategist at Premier/First Allied Securities. “Still, companies have reported solid earnings and valuations have been attractive...we’ll eventually get more transparency and see more confidence.”
Oil prices fell for a sixth-straight day to settle under $97 a barrel, while gold slumped below $1,600 an ounce. Still, gold miners including GoldCorp and Newmont Mining rallied.
Among earnings, Macy's reported higher-than-expected earnings, helped by rising online sales, but shares tumbled after the retailer kept its full-year profit forecast.
Disney gained after the media conglomerate reported stronger revenue and forecast-beating profit, thanks to cable channels and theme parks. In addition, at least six brokerages raised their price target on the company.
Toyota reported a surge in profits and forecast a big recovery in annual earnings after a year of disruptive natural disasters.
Cisco , Activision Blizzard and NewsCorp are among notable companies scheduled to post earnings after-the-bell tonight.
MetroPCS surged after a report that the company is negotiating a possible merger with T-Mobile USA.
Meanwhile, Research In Motion hired two senior executivesas the BlackBerry maker looks to regain lost market share from Apple's iPhone.
In the latest drama at Yahoo , hedge-fund manager Daniel Loeb demanded that CEO Scott Thompson resign immediatelyand suggested that he be replaced by the the Internet company's CFO or global head of media on an interim basis.
On the economic front, wholesale inventories rose a less-than-expected0.3 percent in March to $480.4 billion, after an unrevised 0.9 percent gain in February, according to the Commerce Department.
Weekly mortgage applications gained last weekas purchase demand rose for the third week, according to the Mortgage Bankers Association.
Treasury prices were little changedafter the government auctioned $24 billion in 10-year notes a high yield of 1.855 percent and bid-to-cover of 2.90.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter:
Coming Up This Week:
THURSDAY: International trade, jobless claims, import & export prices, 30-yr bond auction, Ford shareholders mtg, Fed Chairman Bernanke speaks, Fed's Evans speaks, Fed's Kocherlakota speaks; Earnings from ArcelorMittal, Kohl's, Sony, Nordstrom
FRIDAY: Producer price index, consumer sentiment; Earnings from Nissan, Nvidia
More From CNBC.com: