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U.S. stocks closed near session lows on Monday as investors weighed multi-month highs in bond yields amid greater expectations of tightening following Friday's strong jobs report. (Tweet This)
The Dow Jones industrial average closed down about 80 points, posting losses of 0.32 percent year-to-date.
"I think everybody's a little unsettled about the way U.S. and European bond markets sold off in the last week," said David Kelly, chief global strategist at J.P. Morgan Funds.
Analysts noted relatively less volatility in bond and currency markets in Monday trade. The benchmark 10-year U.S. Treasury yield held slightly lower at 2.39 percent. The U.S. dollar pared recent gains, down about one percent against major world currencies with the euro rising to $1.1287. The stronger greenback has weighed on corporate earnings.
On Friday, a surge in bond yields to multi-month highs on a strong jobs report pressured equities, with U.S. stocks closing narrowly mixed.
Nonfarm payrolls for May beat expectations with the addition of 280,000 jobs. Analysts also cheered a greater-than-forecast 8 cent increase in hourly wages and a 5.5 percent unemployment rate. Signs of continued strength in the labor market strengthened the case for the Federal Reserve to begin raising short-term interest rates in September.
"I think the market's trying to figure out if (Friday's employment report) is going to move the Federal Reserve to act in September," said Robert Pavlik, chief market strategist at Boston Private Wealth. He also cited weakness in the Dow transports as weighing on stocks.
The Dow transports, led by a decline in airlines, closed down 2.06 percent for its worst day since January 6. The index posted its first positive week in four last Friday.
The major indices extended recent losses, with the S&P 500 ending at 2,079, below its 100-day moving average of 2,084. Art Cashin, director of floor operations for UBS, said that level was one of support for the S&P, which faced resistance at 2,101.
"The technicals are deteriorating, and monetary conditions are deteriorating," said Bruce Bittles, chief investment strategist at RW Baird. He is watching to see whether or not the S&P 500 can hold above 2,070.
"The SPX is likely to reach oversold territory today for the first time since March, which we think will give way to improved short-term momentum during the latter half of the week," BTIG Chief Technical Strategist Katie Stockton said in a morning note. "The financial sector appears positioned to exhibit upside leadership, which could be just what is needed to restore confidence in the market."
Financials closed down 0.62 percent after failing to hold early gains. The S&P Regional Banking ETF (KRE) closed a touch higher. Morgan Stanley and KeyCorp briefly gained to levels not seen since September 2008. PNC Financial hit an all-time high.
"Probably another listless session in the absence of any hard data," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "Certainly the Greek saga continues."
Luschini and other analysts are looking ahead to Thursday's retail sales for insight on consumer spending, which has not picked up as much as many expected.
"We're at a juncture where markets have to weigh whether good economic data is good for corporate earnings," said Art Hogan, chief market strategist at Wunderlich Securities.
In the absence of major U.S. news and data releases on Monday, traders also kept an eye on overseas developments.
Turkey's ruling AK Party failed to win an outright majority in a parliamentary election for the first time since it came to power more than a decade ago.
Turkish stocks fell more than 5 percent on Monday, while the Turkish lira slid to a record low of 2.8 to the greenback.
Germany's DAX entered correction territory as European stocks declined on continuation of Greek debt negotiations. Last week, Athens postponed a payment deadline to the IMF.
Greece's creditors proposed extending the bailout to March 2016 in return for pension cuts, tax increases and other policy measures, the Wall Street Journal reported.
On Monday, European Central Bank governing council member Christian Noyer said if Greece had to leave the euro zone, it would not cause a problem for the currency bloc but rather for Greece itself.
The G-7 leaders also wrapped up a two-day summit in Bavaria, Germany.
The closed down 13.55 points, or 0.65 percent, at 2,079.28, with information technology leading nine sectors lower and telecommunications the only advancer.
The Nasdaq closed down 46.83 points, or 0.92 percent, at 5,021.63.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 15.
About two stocks declined for every advancer on the New York Stock Exchange, with an exchange volume of 698 million and a composite volume of nearly 2.9 billion in the close.
Crude oil futures for July delivery settled down 1.67 percent at $58.14 a barrel on the New York Mercantile Exchange. Gold futures for August delivery settled up $5.50 at $1,173.60 an ounce.
Deutsche Bank closed up 4.96 percent after briefly leaping more than 5.5 percent on news of the appointment of John Cryan as co-CEO, effective July 1. Cryan replaces long-time executive Anshu Jain. Co-CEO Juergen Fitschen will remain in his position until next May, after which Cryan will become sole CEO.
McDonald's reversed initial gains to close down 0.2 percent after reporting a as a 2.3 percent increase in European sales offset a 2.2 fall in the United States. Last month, the fast food retailer said it would stop reporting same-store sales beginning July.
On tap this week:
Earnings: Vail Resorts, H&R Block, Dave & Buster's, Pep Boys
Earnings: HD Supply Holdings, Lululemon Athletica, Burlington Stores, Hovnanian, Quiksilver, Greif, Oxford Industries
7:30 a.m.: NFIB survey
10 a.m.: Wholesale trade, JOLTs
1 p.m.: $24 billion 3-year note auction
Earnings: Box, Krispy Kreme, Men's Wearhouse
7 a.m.: Mortgage applications
10 a.m.: Quarterly services survey (Census Bureau)
10:30 a.m.: Oil and gasoline inventories
1 p.m.: $21 billion 10-year auction
2 p.m.: Federal budget
Earnings: Restoration Hardware, Korn Ferry, Casey's General, ExOne
8:30 a.m.: Initial jobless claims, retail sales, import prices
10 a.m.: Business inventories
10:30 a.m.: Natural gas inventories
1 p.m.: $13 billion 30-year bond auction
8:30 a.m.: PPI
10 a.m.: Consumer sentiment
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