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) 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), Amazon (AMZN) and Microsoft (MSFT) were all lower, while the Technology SPDR ETF (XLK) fell 0.77%.