NEW YORK (TheStreet) -- Stocks closed lower on Wednesday as negotiations between Greece and its creditors stalled yet again.
The S&P 500 ended the trading day down 0.74%, the Dow Jones Industrial Average fell 0.98%, or 178 points, and the Nasdaq slipped 0.73%.
A special Eurogroup meeting was held Wednesday with hopes to present a deal at the European Union Summit on Thursday, but no deal was reached, according to CNBC. Talks have escalated as Greece faces a crucial repayment to the International Monetary Fund by the end of the month.
West Texas Intermediate crude on Wednesday fell 1.2%, settling at $60.27 a barrel. This comes on the heels of oil inventories declining for the eighth straight week over the seven days ended June 20.
Netflix(NFLX) - Get Report shares closed down slightly for the day after rising sharply in the morning after the company announced late Tuesday that it would execute a 7-for-1 stock split on July 14. Billionaire investor Carl Icahn sold his stake in Netflix on Wednesday in an announcement on Twitter.
DuPont(DD) - Get Report fell after JPMorgan and Credit Suisse issued pessimistic notes on the planned spinoff of its Chemours division. Analysts at JPMorgan said the spinoff would likely cause DuPont to lose roughly $978 million in operating income. DuPont shares closed down 3.4%.
Staples (SPLS) and Office Depot(ODP) - Get Report both closed lower on fears their $6.3 billion merger might be challenged. The deal looks less likely after a federal judge blocked the merger of Sysco(SYY) - Get Report and US Foods, a deal with similar characteristics.
Lennar(LEN) - Get Report was the best performing stock on the S&P 500 and closed higher by 4.2% 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.
Monsanto (MON) 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.