NEW YORK (TheStreet) -- Stocks traded modestly lower on Wednesday morning on reports Greece's latest proposed reforms had been rejected by eurozone creditors.
The S&P 500 was down 0.16%, the Dow Jones Industrial Average fell 0.31%, and the Nasdaq slipped 0.15%.
Oil inventories declined for the eighth consecutive week over the seven days ended June 20. Crude inventories declined by 4.9 million barrels, more than double estimates of a 2.1-million-barrel drop. West Texas Intermediate crude on Wednesday rose 0.28% to $61.18 a barrel.
Greece's list of reforms submitted on Monday reportedly were rejected by eurozone leaders, according to Bloomberg. Creditors reportedly have returned a list of revised terms.
A special Eurogroup meeting will be held Wednesday with hopes to present a deal at the European Union Summit on Thursday. Talks have escalated as Greece faces a crucial repayment to the International Monetary Fund by the end of the month.
"The down-to-the-wire Greek negotiations are likely to have a positive result: an accord with Greece's creditors," said Peter Cardillo, chief market economist at Rockwell Global Capital. "With or without a default, the likelihood of a Greek exit from the euro is slim at best."
Lennar (LEN) - Get Report was one of the best performers on the S&P 500, adding nearly 4% after reporting second-quarter earnings of 79 cents a share, 15 cents above estimates. The homebuilder generated revenue of $2.39 billion, up 31.3% from a year earlier. Fellow homebuilders Hovnanian (HOV) - Get Report, KB Home (KBH) - Get Report, D.R. Horton (DHI) - Get Report and Ryland Group (RYL) followed Lennar higher.
The final estimate of first-quarter GDP showed the U.S. economy contracted at a slower-than-expected pace than originally believed. GDP was revised to reflect a 0.2% contraction compared to a previously estimated 0.7% decline.
Monsanto (MON) shares were on watch after the agricultural chemicals company reported a mixed quarter. The company earned $2.39 a share, 32 cents higher than expected, while revenue of $4.58 billion fell short of estimates.
Stocks edged higher on Tuesday with the Nasdaq reaching a new record close as investors held out hope that a deal to resolve Greece's lingering debt problems could be reached by the weekend. Click here for more.