NEW YORK (TheStreet) -- Stocks moved off session lows by mid-morning Tuesday but remained down as factory orders saw a surprise decline in April and as Greece debt talks continued with no clear resolution in sight.
The S&P 500 fell 0.15%, the Dow Jones Industrial Average slipped 0.1%, and the Nasdaq slid 0.17%.
Intel (INTC) dragged on the Dow, falling 2% after BMO Capital downgraded the chipmaker to "market perform." BMO analysts said they believe Altera (ALTR) is worth less than what Intel paid for the company. Click here for more.
Factory orders in April declined 0.4%, a disappointing result after jumping 2.1% in March. Economists had expected the measure to remain unchanged.
European markets declined Wednesday after Greece submitted its latest list of reforms to creditors, though sources have told Reuters that the plan offers no major new concessions. Leaders of Germany, France and a number of Greece's other international creditors said on Monday they would work with "real intensity" to seal a deal to prevent Athens from defaulting.
"We have submitted a realistic plan for Greece to exit the crisis," Greece's Prime Minister Alexis Tsipras told reporters. "A realistic plan, whose acceptance by the institutions, our lenders and our partners in Europe will mark the end of the scenario of divisions in Europe."
Trouble in Greece is reaching a boiling point as the debt-ravaged country faces a repayment to the International Monetary Fund on Friday of 300 million euros ($329 million). In total, Greece needs to repay the IMF nearly 1.6 billion euros ($1.75 billion) this month.