NEW YORK (TheStreet) -- Stocks moved off session lows by late afternoon Monday but remained lower as investors prepared for next week's Federal Reserve meeting in the wake of Friday's stellar jobs report for May.
The S&P 500 was down 0.32%, the Dow Jones Industrial Average fell 0.16%, and the Nasdaq slipped 0.64%.
"The June meeting will provide a more comprehensive temperature check on the state of play at the Fed with a fresh set of economic projections," said Eric Green, head of U.S. rates and economic research at TD Securities.
"With the prevailing bias to raise rates twice in 2015 likely to remain intact, this meeting generally sets up poorly for a market barely willing to concede one rate hike by the end of 2015," he added.
The Fed will kick off its two-day meeting on Tuesday, June 16, and it will conclude mid-afternoon on Wednesday.
Apple (AAPL) - Get Report shares were on watch after the company unveiled its streaming music service Apple Music. Earlier Monday, the company announced it will launch a new operating system for Apple Watch, which will allow it to run native apps. The company kicked off its five-day Worldwide Developers Conference in San Francisco on Monday. Click here for more.
High-momentum tech stocks were the worst performers in a broad-based market decline. Heavyweights Apple, Intel (INTC) - Get Report, Amazon (AMZN) - Get Report and Microsoft (MSFT) - Get Report were all lower, while the Technology SPDR ETF (XLK) - Get Report fell 0.77%.
The domestic economic calendar is bare on Monday. Retail sales and producer prices for May will be released later this week.
"This week's economic data docket is relatively light and the main focus will be May retail sales, released on Thursday," Deutsche Bank analysts wrote in a note. "Whether or not the economy grows above trend in the current quarter and beyond will depend largely upon the U.S. consumer."
Retail sales are expected to increase 1.3% in May after a flat reading in April. The measure has remained weak despite improving consumer confidence and continued strength in the labor market.
Casino stocks were under pressure after Sterne Agee CRT analysts published new estimates indicating gambling capital Macau had seen a sluggish start to the month. Channel checks show the revenue run rate down 46% from a year earlier in the first week of June.
"This company's not just about the GoPro. It is about drones. It is entering cult status and I say enjoy it while it lasts," Cramer elaborated to TheStreet.
eBay (EBAY) - Get Report fell 3.6% after issuing guidance following the spinoff of its PayPal unit in the third quarter. The company expects revenue growth between flat and 5% in both 2015 and 2016, while PayPal is expected to see growth of 15% to 18%.
Deutsche Bank (DB) - Get Report surged 5.7% after a C-level suite shakeup. Co-CEOs Jurgen Fitschen and Anshu Jain will step down from their roles with the former leaving mid-2016 and the latter to step down by the end of this month. John Cryan has been named the new co-CEO and will assume his seat on July 1.
Monsanto (MON) shares were on watch after Syngenta (SYN) - Get Report said it had rejected a second unsolicited takeover offer from its rival. The $45 billion offer was reportedly rejected given it was the "same inadequate price," according to Bloomberg.
McDonald's (MCD) - Get Report reported that global comparable sales fell 0.3% in May with a 2.2% drop in the U.S., countered by a 2.3% increase in Europe. Analysts had expected the fast food chain to report a 0.9% decrease in global comps. Click here for more.
Diageo (DEO) - Get Report was down 2.7%, paring gains made in the final hour of trading Friday, after analyst firm Evercore said a near-term bid for the alcohol company was unlikely. Diageo surged on Friday on reports private-equity firm 3G Capital was considering a bid.
China's economy continued to show signs of slowing as exports fell and imports declined at the sharpest rate in three months. Annual exports slid 2.5% while imports plummeted 17.6%. The latest data rallied calls for increased stimulus from the People's Bank of China. Hopes for monetary easing pushed the Shanghai Composite to close 2.2% higher.
Signs of continued weakness in China's economy put pressure on crude oil prices on Monday morning. West Texas Intermediate crude declined 1.7% to $58.13 a barrel. Commodities remain nearly half their peak last summer as the global oil market faces oversupply and weakened demand. Click here for more.
Benchmark indexes closed with weekly losses on Friday as a surge in jobs added to the U.S. economy in May supported the possibility of a Federal Reserve rate hike sooner than later. Click here for more.